Short term capital gain tax on sale of house property
Querist : Anonymous
MY QUERY IS :-
WHILE CALCULATING THE SHORT TERM CAPITAL GAIN ARISING FROM SALE OF THE HOUSE, WHETHER THE FOLLOWING AMOUNT CAN BE CONSIDERED AS COST OF ACQUISITION :
1. COST OF PURCHASE
2. COST INCURRED TOWARDS EXECUTING AND REGISTERING CONVEYANCE DEED IN FAVOUR OF BANK AND LEGAL FEES PAID TO ADVOCATE
3. COST INCURRED TOWARDS RE-CONVEYANCE FROM BANK AND LEGAL FEES PAID TO ADVOCATE
4. STAMP DUTY PAID AS PER RULES
5. REGISTRATION CHARGES PAID AS PER RULES
6. OTHER MISC. CHARGES SUCH AS LEGAL FEES PAID TO ADVOCATE FOR PREPARING SALE DEED AND REGISTERING THE SAME, COST OF TYPING THE SALE DEED ETC.
Any expenses incurred on sale of property is only deductible as cost of sale.
In your case (1) cost of purchase (4) stamp duty on purchase and (5) registration charges on purchase house will be considered as cost of acquisition
with regard to point no.6 generally the buyer will incur the advocate fees on drafting, preparing sale deed and its registration.
If the seller incurred such expenses, then can be claimed as expenditure on sale.
Remaining expenses are not related to sale but are related to availing and clearing the bank loan and hence not deductible.
Querist : Anonymous
Querist : Anonymous
On or before 15 September - not less than 30% of tax payable
On or before 15 December - not less than 60% of tax payable
On or before 15 March - not less than 100% of tax payable
Querist : Anonymous
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