Capital Gain
This query is : Resolved
14 May 2009
If someone purchase a residential flat at Mumbai for Rs. 14 Lacs in F.Y 2004-05 & wish to sale in F.Y 2009-10 for Rs. 38 Lacs . When flat purcased it was financed by the Bank & still 11 Lacs due to Bank.
Further , this flat showing in two individual file on 50% each basis.
There is also planning to purchase new residential flat in Mumbai.
Sir, now let me know what will be capital gain for both files after considering the Cost Inflation & residential flat status.
I shall be obliged if you elbrote a computation.
Further , this flat showing in two individual file on 50% each basis.
There is also planning to purchase new residential flat in Mumbai.
Sir, now let me know what will be capital gain for both files after considering the Cost Inflation & residential flat status.
I shall be obliged if you elbrote a computation.
14 May 2009
If the property is in the name of both the parties then legally they need to show the capital gains in their individual income tax return.
Computation will be
Sales Consideration XXXXXXX
Less :
Indexed cost of Acquisition XXXXXX
Less:
Share of capital to Mr.ABN XXX
1/2
Exemption u/s 54F XXXXXX
Balance Long term capital gains XXXXXX
Computation will be
Sales Consideration XXXXXXX
Less :
Indexed cost of Acquisition XXXXXX
Less:
Share of capital to Mr.ABN XXX
1/2
Exemption u/s 54F XXXXXX
Balance Long term capital gains XXXXXX
15 May 2009
Dear Soni,
Beg to differ, Exemption under 54 & not 54 F, please go through both the sections.
Beg to differ, Exemption under 54 & not 54 F, please go through both the sections.
15 May 2009
Dear Amitabh,
The amount of 11 lakhs is the cost of acquisition, hence it can be reduced from the total sale cosideration, as for the computation details are insufficient, hence, advised to contact your tax consultant.
The amount of 11 lakhs is the cost of acquisition, hence it can be reduced from the total sale cosideration, as for the computation details are insufficient, hence, advised to contact your tax consultant.
15 May 2009
Dear Vishal Sir,
Please let me know, what more computation detail is required
Please let me know, what more computation detail is required
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