Selling Own House
This query is : Resolved
27 July 2010
Hi,
My neighbour is selling their house for Rs 65 lakhs and planning to shift to US .Can anyone tell me their tax liabilities? Plz suggest a proper tax planning program regarding this.
My neighbour is selling their house for Rs 65 lakhs and planning to shift to US .Can anyone tell me their tax liabilities? Plz suggest a proper tax planning program regarding this.
27 July 2010
Sell the house. Purchase the house and claim exemption u/s 54.
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27 July 2010
the differnce between the sale price and indxed cost of acquisition shall be long term capital gain....
this shall be taxed at 20% as increased by Education cess
if he wants to claim exemtpion he should either invest the capital gains in another house or purchase bonds u/s 54EC (Eg NHAI)
this shall be taxed at 20% as increased by Education cess
if he wants to claim exemtpion he should either invest the capital gains in another house or purchase bonds u/s 54EC (Eg NHAI)
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