Property sale releted tax
This query is : Resolved
16 August 2013
sir, i have one of the flat in kalyan and those flat 100% owner is my mother and mother is house wife but now mother will sales the flat and buy the new flat or resale flat within 6 month my ? is which typ of tax applicable and how pls advise ..
16 August 2013
As your mother is the owner of the flat and on sale she will earn some profit which is called capital gains. As she will be purchasing new house out of the sale proceeds of the old house the capital gain is reinvested and no tax is payable if the value of the house is either equal to or above the sale price which your motheris receiving
16 August 2013
As your mother is the owner of the flat and on sale she will earn some profit which is called capital gains. As she will be purchasing new house out of the sale proceeds of the old house the capital gain is reinvested and no tax is payable if the value of the house is either equal to or above the sale price which your mother is receiving but it has to be done within a period of 1 year or before the due date of filing of the return. Since the new budget 2013 has imposed 1% TDS on sale of properties, your mother shall be liable for 1% TDS on the sale value of the Flat but you can file the return and get the same refunded
16 August 2013
it is tax under capital gain head if she purchases new house our of sales proceed with in two year form sale date or construction on new house in 3 year from sale date tax will be exempted.
other wise 20% income tax will be pay by your mother.
and if value of house exceed 50 lcas then 1% tds of sale proceeds will deducted by buyer.
other wise 20% income tax will be pay by your mother.
and if value of house exceed 50 lcas then 1% tds of sale proceeds will deducted by buyer.
16 August 2013
thank for your valuble suggestion but sir mother will give the mony to me and flat buy on my name in that case what happan about tax ???....pls
16 August 2013
thank for your valuble suggestion but sir mother will give the mony to me and flat buy on my name in that case what happan about tax ???....pls
16 August 2013
The new residential property has to be registered in the name of the assessee who sold the original asset.
In this case you can register the property in joint name (your mother & yourself).
In this case you can register the property in joint name (your mother & yourself).
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
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Refund of AY 22-23
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Company Incorporation - CA and directors signing from different states
- Confusion around Form 26QB fields
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- 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
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
- GSTR3B IMS Deshboard ( Rec. Solution )
Trending Online Classes
CAclubindia
