SANTOSH CHASKAR (MBA) (35 Points)
09 November 2015
Ruchi
(CA)
(1410 Points)
Replied 09 November 2015
You would have to pay income tax under the head 'Capital Gains' on the sale of your property on the amount of profit you make on sale.
If period of acquisition is more than 3 years then Long term Capital Gains @ 20 % otherwise Short term Capital gains .
SANTOSH CHASKAR
(MBA)
(35 Points)
Replied 09 November 2015
Ruchi
(CA)
(1410 Points)
Replied 10 November 2015
Date of allotment of flat i.e. the date of issue of allotment letter would be the date from which you should calculate your period of acquisition., Here, I would like to inform you that in case of long term capital gains, the taxpayer becomes entitled to avail the benefit of an inflated cost of acquisition of the property as prescribed. In addition to this, the Income Tax Act exempts the capital gains from the sale of a house if the taxpayer invests the gains in a residential property within two years from the date of sale or constructs another house within three years from the date of sale. Once the exemption has been claimed the newly acquired asset should not be sold within three years from its date of acquisition, else the earlier capital gain exempted becomes taxable.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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