18 November 2009
please tell me the late payment of penalties on capital gain on residental house in which i was staying i have purchased a new house and as i m a diabetic patient or person and also unemployed im using those money for my medical expenses and day to day living im the only used to be the earning member in the house should i have to pay any tax on late payment or as im unemployed tax will not be applicable for me i had already use have the capital gain amount for till now for my expenses and day to day living please reply as soon as possible
18 November 2009
LTCG on sale of residential house is taxable unless reinvested as specified in chapter IV. STCG is taxable There is no other alternative.
18 November 2009
further calculated amount of capital gain on the basis of purchase / sale deeds of old house. compare amount of this gain with cost of new house as per purchase deeds of new house. in it is + than tax is to be paid @ 20 % on the balance amount depending up on your other income
CAclubindia
