Short term capital gain
This query is : Resolved
22 December 2012
Dear Sir,
I claimed exemption of Long Term Capital Gain i.e Rs.1310783/- in my income tax return filed in JULY 2011 U/S 54 for constructing a new house.I spent Rs.3694000/- on the construction of my new house till date after taking a bank loan of Rs.1200000/-.The construction is still incomplete requiring atleast another 7-8 lacs. But now i am out of funds having no other source left. So I am selling this incomplete house for Rs.4000000/-.
I want to know what will be my SHORT TERM CAPITAL GAIN and how much income tax i have to pay.ALSO can i claim any exemption for not paying the income tax. Please guide me accordingly.
Thank You.
Arun Sharma
I claimed exemption of Long Term Capital Gain i.e Rs.1310783/- in my income tax return filed in JULY 2011 U/S 54 for constructing a new house.I spent Rs.3694000/- on the construction of my new house till date after taking a bank loan of Rs.1200000/-.The construction is still incomplete requiring atleast another 7-8 lacs. But now i am out of funds having no other source left. So I am selling this incomplete house for Rs.4000000/-.
I want to know what will be my SHORT TERM CAPITAL GAIN and how much income tax i have to pay.ALSO can i claim any exemption for not paying the income tax. Please guide me accordingly.
Thank You.
Arun Sharma
22 December 2012
Sale Consideration 4000000/=
Less:
Cost of Acq 3694000/-
(-) Capital Gain 1310783/- 2383217/=
Short Term Gain 1616783/=
Tax calculated at normal rate of tax.
Sale Consideration 4000000/=
Less:
Cost of Acq 3694000/-
(-) Capital Gain 1310783/- 2383217/=
Short Term Gain 1616783/=
Tax calculated at normal rate of tax.
Message likes :
1 times
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
- GST Regis.
- Inventory of finished goods
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company registration : Rental agreement or NOC?
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
