Capital gain
Arun Kumar (4 Points)
06 September 2019
property received in ancestoral and want to sell today.. capital gain arising or not
12 Replies
Pranav Aggarwal
(525 Points)
Replied 06 September 2019
capital gain will arise in the year in which transfer tooks place
Kapadia Pravin
(17264 Points)
Replied 06 September 2019
Yes sir Capital Gain arises.
Cost of acquisition will be cost prevailing as on 1-4-2001 + indexation.
Sale consideration minus indexed cost will be your LTCG
Cost of acquisition will be cost prevailing as on 1-4-2001 + indexation.
Sale consideration minus indexed cost will be your LTCG
Sahil
(student)
(28 Points)
Replied 06 September 2019
Benefit of section 54 or 54F and section 54EC can be taken to save tax on sale of such property.
Kapadia Pravin
(17264 Points)
Replied 06 September 2019
Benefit available
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Manikanta juluri
(Student)
(252 Points)
Replied 06 September 2019
Yes capital gain is arises.
Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain
Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain
pooja
(taxpracticing)
(269 Points)
Replied 06 September 2019
yes capital gains will arise .... and deduction u/s 54 54F and 54EC is allowed
Jinal Dabhi
(std)
(84 Points)
Replied 06 September 2019
|
LTCG capital gain is arises. Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain. Exemption u/s. 54/F/EC can be availed. |
||
sowmiya
(ca)
(29 Points)
Replied 06 September 2019
Cost of acquisition will be the cost paid by the previous owner and need to indexed if it LT
Kapadia Pravin
(17264 Points)
Replied 06 September 2019
Benefit available is based on type of ancestral property ---
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
sabyasachi mukherjee
(27719 Points)
Replied 07 September 2019
Sale Consideration
less:
Indexed cost of acquisition
less:
any expenses incurred
LTCG
apply Provisions of sec 54 F
there is a transfer of new purchased residential house or a new house property .
the capital gains will be exempted if it is within a period 3 years.
exemption from nhai bonds will be given if it is invested within a period of 3 years.(Sec 54EC)
less:
Indexed cost of acquisition
less:
any expenses incurred
LTCG
apply Provisions of sec 54 F
there is a transfer of new purchased residential house or a new house property .
the capital gains will be exempted if it is within a period 3 years.
exemption from nhai bonds will be given if it is invested within a period of 3 years.(Sec 54EC)
Recent Topics
- Loss adjust
- GST registration -rent Agreement
- Study partner for CA Final- Jan 26
- Sir, ITC is not showing in GSTR-3B, what to do
- Capital Gains on Industrial Property...
- While making correction in form-26QB getting - Maj
- Late interest penalty of missed invoice forgot to
- LONG TERM CAPITAL GAIN ON HOUSE
- WOS in Mauritius, LRS,Accounting
- AP of Business under gst
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
