Bought flat in November 2015 for a total cost of 31 lakhs (inclusive of registration etc. charges).
Sold it in December 2023 for 49 lakhs.
What will be the capital gain?
Is there any way to reduce the capital gains tax?
12 Replies
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 22 January 2024
Around 6.5 lakhs as capital gain
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
What will be the capital gain?
may be 6.5 lakhs to 7.0 lakhs (approximately)
Is there any way to reduce the capital gains tax?
as per me NO
may be 6.5 lakhs to 7.0 lakhs (approximately)
Is there any way to reduce the capital gains tax?
as per me NO
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 22 January 2024
Refer section 54 & 54EC to claim deduction
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 22 January 2024
I hope you have mentioned in the query is residential Flat so Approximately 653000/- ( with indexation ) will be your Long term capital gain , however you can invest in another residential flat within period of two (2) years , or Construct your Own house within a period of three (3) year form the date of Sale , then there will be no capital Gain tax .
Also you have an option to invest in Capital gain account in Bank , until and unless you purchase new Flat or construct new house within given time frame , however you have file income tax return and mentioned regarding this . if you unable purchase flat within stipulated time frame after investing Capital Gain account than you will have to pay the tax .
Take others opinion or professional help in this regard .
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
| Originally posted by : RAJA P M | ||
 |
Is there any way to reduce the capital gains tax? as per me NO |
 |
Here querist can't ask re-investment options...
So, My reply as " as per me NO " and not refer any other options like sec 54 & 54EC and Buying other asset....
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 22 January 2024
Here the querist asked for any way of reducing capital gains tax. Therefore reinvestments as per section 54 and related sections are a way to reduce capital gains tax.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
Yes I agreed with You @ Mr CA Altamush Zafar...
I explained what is my reply and base...
I explained what is my reply and base...
Barkha
(None)
(228 Points)
Replied 22 January 2024
Thanks everyone! I will take steps by investing in Capital Gains account.
sabyasachi mukherjee
(27579 Points)
Replied 24 January 2024
Invest in another house property , SEC 54EC, SEC 54 OR CAPITAL GAIN ACCOUNT SCHEME.
VIRAAJ VASHISHTH
(81 Points)
Replied 27 January 2024
ITR 2 - Capital Gain Tax on Sale of Land & Building
In India, the Income Tax Act, of 1961 requires taxpayers to pay taxes on the capital gains generated from the sale of land and building. The Income Tax Return (ITR) form 2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who have earned capital gains from the sale of land and building. Understanding the tax implications and properly filing the ITR 2 form is crucial to ensure compliance with the tax regulations and avoid any penalties. In this article, we will dive deep into the details of capital gain tax on the sale of land and building and explore the various aspects related to ITR 2.
1. What is Capital Gain Tax?
Capital gain tax is a tax imposed on the profit earned from the sale of capital assets such as land, building, stocks, bonds, or any other property. In the context of the sale of land and building, the capital gain tax is applicable when the sale price exceeds the purchase price. The tax is levied on the gains made from such transactions.......
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VIRAAJ VASHISHTH
(81 Points)
Replied 27 January 2024
ITR 2 - Capital Gain Tax on Sale of Land & Building
In India, the Income Tax Act, of 1961 requires taxpayers to pay taxes on the capital gains generated from the sale of land and building. The Income Tax Return (ITR) form 2 is specifically designed for individuals and Hindu Undivided Families (HUFs) who have earned capital gains from the sale of land and building. Understanding the tax implications and properly filing the ITR 2 form is crucial to ensure compliance with the tax regulations and avoid any penalties. In this article, we will dive deep into the details of capital gain tax on the sale of land and building and explore the various aspects related to ITR 2.
1. What is Capital Gain Tax?
Capital gain tax is a tax imposed on the profit earned from the sale of capital assets such as land, building, stocks, bonds, or any other property. In the context of the sale of land and building, the capital gain tax is applicable when the sale price exceeds the purchase price. The tax is levied on the gains made from such transactions.......
To continue reading, click here
To read more blogs like this, visit Swipe Blogs
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