Sold of house
Querist : Anonymous
one of my friend sold his residential property for a huge amount. how to calculate & file the return,i mean is have to consider as a capital gain or other.
Purchaser deducted already 1% TDS and transferred to Govt. AC.
is we need pay tax other then 1%?
In general tax on long term Capital gain is 20 percent..
However certain exemption is allowed to avail the exemption to avoid capital gain tax..
Invest such amount in Purchasing of another Residential property.. Sec 54..
Investing Capital gain amount in NHAI/REC Bonds sec 54EC...
Investing in specified shares sec 54GA...
Querist : Anonymous
he sold the House for Example Rs.80L than the tax amount would be 16L (20% on Long term Capital gain).
So how we can use the sec 54, because yet present he is not constructing the house and not yet buy any new house.
If we are not Buy and constructing house how much we have to pay the tax?
If we buy or constructing house how to use sec 54?
Thanks in Advance.
You also need to reduce the indexed cost of acquisition from 80 lakhs to arrive at capital gains. if you dont buy or construct a house, you shall have to pay taxes.
If you intend to buy or construct a house, either do it by the due of date of filing tax returns for the relevant assessment year or deposit the said amount in capital gains accounts scheme to use the same to buy or construct the house within the timelines prescribed in section 54.
Querist : Anonymous
I thought this Property has transferred from his father to him (Inheritance)in 2003, hence we have to take the index cost of acquisition 463(2003-04 duration).
but we don't know the original value of the property when its was purchased by his father.
my Question is what would be the original cost at the time & is the index cost of acquisition correct.
thanks In adv
2. In case it was purchase/constructed after 1 April 1981, then you need to talk a property valuer to arrive at a reasonable value of such asset as on the date of completion of construction or year of purchase.
3. Indexation is rightly being calculated from 2003-04.
Querist : Anonymous
Could please tell me Capital gain Tax percentage.
https://www.caclubindia.com/articles/capital-gain-tax-simplified-18623.asp
Querist : Anonymous
Querist : Anonymous
If the tax payer women is there any particular exemption ?
Pubic notice through news paper is it treated as a advertise expenses (Before selling the asset he has given a public notice as per law if anybody having rights on particular property)?
is the Advocate charges should be treated as expenses ?
kindly revert. Thanks in Advance
Querist : Anonymous
We are planing to buy new property in the coming next years ?
hence is we need to open capital gain AC now to keep that amount to get the benefit as well as to file the IT Return for FY 2013-14?
such expenses in relation to title of property etc can be claimed as expenses related to transfer.
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