Sale of flat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 November 2011
One of Client Has purchase a flat costing Rs.70 Lacs on 2006 and on 2010 he gets the possession.
Now on 2011 he wants to sell the flat sale consideration around 1.50 crores and purchase the new flat costing Rs.2 Crores
Now whats the Tax implication for selling the flat.
and if any tax liability occurs then what are the option available that no tax liability occurs or reduction in Taxes
Please provide Sections also
Now on 2011 he wants to sell the flat sale consideration around 1.50 crores and purchase the new flat costing Rs.2 Crores
Now whats the Tax implication for selling the flat.
and if any tax liability occurs then what are the option available that no tax liability occurs or reduction in Taxes
Please provide Sections also
31 December 2011
If flat is sold witin 3 yrs form the date of acquisition then STCG is applicable. IF if it is sild after 3yrs LTCG applicable.
Tax implication
For STCG there is no option.
LTCG can be saved by buying new property within 2yrs form the date of transfer.(Sec 54)
Amt invested or LTCG whichever is less is available as deduction.
Tax implication
For STCG there is no option.
LTCG can be saved by buying new property within 2yrs form the date of transfer.(Sec 54)
Amt invested or LTCG whichever is less is available as deduction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
