CAPITAL GAIN

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 I HAVE PURCHASED A HOUSE WORTH RS 500,000/- BEFORE 11 MONTH IN NAME OF MY MOTHER. MY MOTHER HAS NOT APPLIED FOR PAN.

NOW ONE BUYER WANT TO PURCHASE THE HOUSE FOR RS 12,00,000/- THROUGH BANK LOAN.

WHAT IS CAPITAL GAIN TO MY MOTHER WITH OUGHT HAVING PAN. AND WHAT PROCEDURE I HAVE TO FOLLOW?

WHAT IS CAPITAL GAIN IF HOUSE WAS PURCHASE BEFORE 15 MONTH?

mohinder kansal

mohinder kansal (Expert)
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30 June 2011 Rs. 700000/- shall be chargeable to tax under the head short term capital gains. No difference if purchase before 15 months. tax will be caluculated as normal income of the assessee. also apply for issue of PAN card.

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 THANKS

WHETHER IT IS SHORT TERM CG OR LONG TERM CG?

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mohinder kansal

mohinder kansal (Expert)
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30 June 2011 Dear, it is already replied that it is the Short Term Capital Gain and shall be added to other income of the assessee to be taxed at normal rates.

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2011 OK THANKS LOT