Capital gains on sale of residential property in india
This query is : Resolved
07 June 2012
hi
my cousin uncle has property in india which he wants to sell.wants to know the tax implication for him.
Some are telling tax will be applicable on sale consideration.
so will it be sale consideration or capital gain and whether there is anyway for tax saving in this transaction and also whether any tds is applicable or any form under section 197 is to be submitted for lower deduction or non deduction of tax.
kindly guide me...
my cousin uncle has property in india which he wants to sell.wants to know the tax implication for him.
Some are telling tax will be applicable on sale consideration.
so will it be sale consideration or capital gain and whether there is anyway for tax saving in this transaction and also whether any tds is applicable or any form under section 197 is to be submitted for lower deduction or non deduction of tax.
kindly guide me...
08 June 2012
1. The sale of property is taxable under the head Income from Capital Gain.
2. Tax will @ 20% on capital gain.
3. Capital gain shall be computed as under:
Sale Consideration
Less: Expenses on transfer
Less: Cost of acquisition
If the asset is a long term capital asset, then Indexed cost of acquisition shall be reduced to arrive at the capital gain.
There is NO TDS applicable in this case.
2. Tax will @ 20% on capital gain.
3. Capital gain shall be computed as under:
Sale Consideration
Less: Expenses on transfer
Less: Cost of acquisition
If the asset is a long term capital asset, then Indexed cost of acquisition shall be reduced to arrive at the capital gain.
There is NO TDS applicable in this case.
08 June 2012
Thanx,
Sorry I didn't mentioned that my uncle stay in aboard and sale of house property in India.
Kindly help in the NRI taxation and whether any TDS applicable in this matter.
Sorry I didn't mentioned that my uncle stay in aboard and sale of house property in India.
Kindly help in the NRI taxation and whether any TDS applicable in this matter.
08 June 2012
Since the asset is located in India, the gains arising from the transfer of the asset are taxable in India.
08 June 2012
hi
my cousin uncle is stay in aboard has property in india which he wants to sell.wants to know the tax implication for him.
Some are telling tax will be applicable on sale consideration.
so will it be sale consideration or capital gain and whether there is anyway for tax saving in this transaction and also whether any tds is applicable or any form under section 197 is to be submitted for lower deduction or non deduction of tax.
kindly guide me...
my cousin uncle is stay in aboard has property in india which he wants to sell.wants to know the tax implication for him.
Some are telling tax will be applicable on sale consideration.
so will it be sale consideration or capital gain and whether there is anyway for tax saving in this transaction and also whether any tds is applicable or any form under section 197 is to be submitted for lower deduction or non deduction of tax.
kindly guide me...
21 December 2012
see sec. 54 to 54F.
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
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