Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Dear Sir/madam

My mother purchase Plot in April 2009 Rs.450000/- now (Dec.12) she sale in 850000/-

She never fill income tax return & also not have PAN No.

whose party purchase he all amount trf in her bank a/c

So please tell how many tax pay in this condition ?

.

jay shah

jay shah (Expert)
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14 December 2012 Dear Sir,
ITs a moral responsibilty to discharge tax liability on probable transactions.
Since in your case your motherr has not obtained PAN you need to obtain PAN first,
In the absens of PAN you can not file ITR.
And if you wish to proceed ahed i will surely gudie you.
Once you obtain the same let me know the extra details which i will ask and on that basis you can file return.
Remember on valid transactions profit if you invest in prescribed investment opportunities you will be able to take advantage of exemptions in capital gain above if any.
Should you require any further info. feel free to ask,

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Thanks For your reply

Please tell Tax Amount
and how calculate ?

at the time of ITR Filled can my mother take rebate 200000/- from net capital gain ??

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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14 December 2012 Your Mother has to pay long term capital gain tax. Your mothers long term capital gain is as follows

Sale consideration 850000
Less: Indexation cost of purchase 450000*852/632 = 606645

Thus Total Long term Capital gain is Rs.243355 On this amount your mother has to pay tax @20% + 3% cess. Yes, Your mother has to take rebate of Rs.200000 of basic exemption limit. Assume your mother doesn't have any other head/sources of taxable income except long term capital gain said above. In such case your mother's taxable income for A.Y.2013-14 i.e F.Y.2012-13 is Rs.243355(it is special rate taxable income) in that she get the rebate of basic exemption limit i.e Rs.200000. So net taxable income in your mother's hand at special rate for A.y.2013-14 is Rs.43355. And total tax payable is Rs.8931.(20% on 43355 + 3% cess = 20.6% on 43355).

In case your mother has any other heads of income other than long term capital gain said above then your mother's tax liability will change.
So for your correct tax liability please tell the details regarding your mother like her professional income, interest income,commission etc...... income if any.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Thank You Very Much Sir