09 July 2013
I PURCHASE FLAT IN 1983 AND I SOLD IT IN APR 2012 FOR 30LACS AND PRUCHASE NEW RESIDENTIAL UNIT FOR 38LACS IN AUG 2013 MY QUESTION IS AS FOLLOW
1-WILL I BE EXEMPTED FOR CAPITAL GIAN TAX
2-I HAVE PAID RESGISTRATION FEES OF 30,000 AND STAMPDUTY OF RS 190000/- WILL IGET DECDUCTION OF IT IN MY INCOME TAX RETURN AND TILL WHAT LIMIT
3- AS MY FORM 16 IS NOT RECVD CAN I FILE THE RETURN AFTER 31 JULY 2013
10 July 2013
Purchase price in 1983 has not been given.
1. Yes no Capital Gain Tax as you have reinvested all the sale price.
2. These expenses shall be accounted for to calculate Capital Gain Tax on sale of New Residential Plot purchased for 38 Lacs. However,be sure that you have actually done these expenses. In case of India it is the buyer who pays such expenses but on record it is in the name of Seller.
3. You can e-file your Return without getting Form 16 but believing on Form 26AS. You can report the matter to Income Tax Authorities against your Employer for not delivering Form 16. UFF reporting against Employer is not practical so try to get the contents of Form 16. You can e-file ITR after 31.7.2013. But e-file it without waiting for the last date.
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