Query on incometax
This query is : Resolved
30 March 2015
Dear Expert,
One of my friend had sold his parents small flat with 11 lac in the year of 2012-13 and kept the amount in bank savings account of one year. After on one year he had purchased a home with that same amount.
Now my query are :
1. Should he pay any income tax ?
2. He got the interest from savings amount of that deposited amount in bank. Should he pay any tax on interest received .
One of my friend had sold his parents small flat with 11 lac in the year of 2012-13 and kept the amount in bank savings account of one year. After on one year he had purchased a home with that same amount.
Now my query are :
1. Should he pay any income tax ?
2. He got the interest from savings amount of that deposited amount in bank. Should he pay any tax on interest received .
30 March 2015
Dear Tuhin,
Please provide date of sell of old property and date of purchase of new property
Please provide date of sell of old property and date of purchase of new property
30 March 2015
Dear Sir,
The date of sale of old property was - october -2012 and date of purchase of new property was February-2014.
The date of sale of old property was - october -2012 and date of purchase of new property was February-2014.
30 March 2015
You can not get the income tax exemption under section 54 as the amount of gain should have been submitted before the due date of return, in your case it is July13. Hence the capital gain is taxable fully
30 March 2015
Sir,
How much tax amount he will pay and by when ?
Please suggest.
How much tax amount he will pay and by when ?
Please suggest.
30 March 2015
Please mail your query at bmohit02@gmail.com for further conversation
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