Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2013
I am planning to sell my land & building in Chennai for the purpose of higher education of my son. Please advise me of the possible deductions/taxes I need to suffer out of the Sale consideration. The guideline value of the property is much higher than the amount required for the education; understandably the amount utilised for education will suffer tax. Please also advise me the steps to legally avoid/reduce the CG.
Thank you for your kind reply.
Thank you for your kind reply.
17 May 2013
You have to bear the capital gain tax. sale consideration less indexed purchase price. if asset is long term. you are investing money in education of your son. but if you invest it in residential house or bonds. you can get deduction u/s 54f or 54ec.
17 May 2013
WHAT IMMOVABLE PROPERTY YOU ARE SELLING..
YOU COULD HAVE MENTION IT
IF YOU ARE SELLING AGRICULTURE LAND ,..
WHICH IS SITUATED IN THE RURAL AREA IS NOT COVERED IN THE DEFINITION OF CAPITAL ASSET AND HENCE QUESTION OF CAPITAL GAIN WILL NOT ARISE.
REFER SEC 2 (14)(iii)
REFER NOTIFICATION 9447 IN 1994 YEAR
YOU COULD HAVE MENTION IT
IF YOU ARE SELLING AGRICULTURE LAND ,..
WHICH IS SITUATED IN THE RURAL AREA IS NOT COVERED IN THE DEFINITION OF CAPITAL ASSET AND HENCE QUESTION OF CAPITAL GAIN WILL NOT ARISE.
REFER SEC 2 (14)(iii)
REFER NOTIFICATION 9447 IN 1994 YEAR
17 May 2013
If your immovable property is building&land u can follow sugggestions of tarannum khatri,
Guest
Guest
(Expert)
19 May 2013
CA Taranum advice is correct, you can invest the capital gain in accordance with the section 54/54f/54ec/54ea
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Import license renewal
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
