Property sold

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Hello,

We sold the property in last Sept,13.Now we would like to file the returns for AY 14-15. is need to show the mention the sale details in ITR, Purchaser deducted some TDS on Gross Amount.

how we would claim that, is we need to pay any tax on sale of Property.

Deepti Asawa

Deepti Asawa (Expert)
Follow

26 June 2014 When you sell your property, you would be liable to pay capital gains tax.
So that you should show the sale details in capital gain head.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Ok, Thanks and what would be tax Percentage.

is there any other alternatives to save the the tax amount which we payable on Capital gain.

Upgrade to CAclubindia Pro. Subscribe Now!

Deepti Asawa

Deepti Asawa (Expert)
Follow

26 June 2014 When you sell your property, you would be liable to pay capital gains tax. If you have purchased the property over three years ago, then you would earn long-term capital gains. Else your gains would be short-term in nature.
tax rate :-
short term capital gain = rate as per normal income tax slab rate
long term capital gain = 20%

for tax saving :-
http://www.charteredclub.com/section-54/

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 but we made the other investments with the capital gain other than constrictions of a house and purchase of new house.

Apart from sec 54 is there any other alternative to save the taxable amount.

Thanks In advance....

Deepti Asawa

Deepti Asawa (Expert)
Follow

26 June 2014 No, any other alternative to save tax.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Thanks for giving valuable advise.

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 one final query- is there any chance to save the tax through purchase of land ?

Upgrade to CAclubindia Pro. Subscribe Now!