capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2010
I have 2 questions regarding capital gains.
1. where existing flat is sold for 10 lac and new flat purchased for 8 lacs.
2. If the 2 lacs is used for building another a house, is it taxable.
1. where existing flat is sold for 10 lac and new flat purchased for 8 lacs.
2. If the 2 lacs is used for building another a house, is it taxable.
23 August 2010
What is the cost of the old flat sold?
Exemption available for one house property u/s 54 if gains on sale of residential flat invested in buying new residential property.
Exemption available for one house property u/s 54 if gains on sale of residential flat invested in buying new residential property.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2010
Sir,
I have 2 questions.
1. if an old flat is sold for 20 lacs, and a new flat is purchased for 15 lacs, what happens to the balance 5 lacs.
2. if this 5 lacs is used for renovation/construction of another house, what will be the taxable capital gains
I have 2 questions.
1. if an old flat is sold for 20 lacs, and a new flat is purchased for 15 lacs, what happens to the balance 5 lacs.
2. if this 5 lacs is used for renovation/construction of another house, what will be the taxable capital gains
24 August 2010
If the CG arising on selling the old flat exceeds the value of the new flat then the net amount becomes taxable.
24 August 2010
If your indexed cost of acquisition is 5 lakhs and then flat is sold for 20 lakhs then LTCG is Rs. 15 lakhs and which is invested on purchase of house property then exemption from LTCG u/s 54 Rs. 15 lakhs and hence net capital gain zero.
2. No exemption from capital gains if gains not invested to purchase new house property.
2. No exemption from capital gains if gains not invested to purchase new house property.
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