Capital gain
Querist : Anonymous
my friend's father is passed away on 16.09.12, so property on his name trfd to 3 members equally
now they have decided to sell the shop at Rs. 48,50,000/-
so kindly advise what will be capital gain amount , and if they are buying new residential flat then capital gain tax needs to pay?
below is details for your easy ref.
GIRIRAJ _SHOP NO. 18
AGREEMENT DATE : 29-Jul-85
AGREEMENT VALUE : 50000
STAMP DUTY : 0
REGISTRATION : 0
TOTAL COST : 50000
CHATURBHAI DIED ON : 16-Sep-12
DEED DATE : 22-Dec-12
TRFD TO : %
Dilip C Dudhat :33.33%
Raju C Dudhat :33.33%
Shardaben C Dudhat :33.33%
Less:.............. 50000
Cost of Acquisition
Short Term Capital Gain 48,00,000
Equally in the hands of all 16,00,000..
No Exemption in case of short term capital Gain...
Querist : Anonymous
still they have not register the agreement
so if they do agreement on or after 23-dec-13
then they can get exeption ?
pls advise
Querist : Anonymous
what i understand , that we can invest capital gain money in special deposit for capital gain to save tax
it is right , if yes then pls advise where to invest is safe
regards
piyush
For example: If Mr Sen sells a property for a lump sum amount, also termed as a long-term capital gain, on June 10, 2011, he must invest that amount either in the purchase or construction of a new residential property within two years and three years respectively from the date of sale. If he is not able to buy or construct a property before the last date for filing income tax return, he should deposit the unused amount in CGAS.
In this example, Mr Sen sold his property on June 10, 2011; hence, he can buy or begin construction on a new property by September 30, 2012. If he fails to do so he must deposit the money on or before September 30, 2012 in CGAS.
Querist : Anonymous
No Exemption is allowed on short term gain in any section..
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