Capital gains tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
I have inherited a commercial property comprising land and building presently fetching monthly rent of Rs.45,000/-. I would like to know if it is worth selling the property and depositing the sale proceeds in a fixed deposit for a regular fixed income. If it is worth selling what percentage of capital gain tax is applicable and what schemes are available to avoid paying capital gain tax?
03 April 2012
Whether the asset is worth selling or not has to be decided by yourself considering various points.
If the asset is sold (assuming long term capital asset), then the total sale consideration shall be invested in a residential house within a period of one year before or two years after the date on which the transfer took place (in case of purchase) or has within a period of three years after that date (in case of construction), then such capital gains are not taxable to the extent of investment.
If the asset is sold (assuming long term capital asset), then the total sale consideration shall be invested in a residential house within a period of one year before or two years after the date on which the transfer took place (in case of purchase) or has within a period of three years after that date (in case of construction), then such capital gains are not taxable to the extent of investment.
03 April 2012
Agree with Expert.
Even till the time you are not able to identify property in the year of transfer of property then by due date of filling of return, you can deposit the amount in Capital Gain Scheme Account with banks and you can utilise that money to buy property within the specified time limit as explained by Expert Mr. Kishore.
Even till the time you are not able to identify property in the year of transfer of property then by due date of filling of return, you can deposit the amount in Capital Gain Scheme Account with banks and you can utilise that money to buy property within the specified time limit as explained by Expert Mr. Kishore.
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
