My father wants to sell a house which he constructed in 1994 , Can he invest the amount in any other property after calculating the long term capital gain through indexation to save on tax since he is already a CO OWNER in 3 flats with my brothers.
5 Replies
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 16 December 2012
| Originally posted by : Sharat Verma | ||
 |
My father wants to sell a house which he constructed in 1994 , Can he invest the amount in any other property after calculating the long term capital gain through indexation to save on tax since he is already a CO OWNER in 3 flats with my brothers. |
 |
Yes, your father can claim exemption from Long term capital gain u/s-54 of the Income Tax Act 1961, if he invests LTCG amount in a residential house property.
Shubham chhajed
(mumbai)
(54 Points)
Replied 20 February 2013
which rate charge on LTCG if indexation benifit not taken ????
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 20 February 2013
| Originally posted by : Shubham chhajed | ||
|
|
which rate charge on LTCG if indexation benifit not taken ???? |
|
In case of sale of house property, the rate of LTCG tax is 20%, even if you do not claim indexation benefit.
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 20 February 2013
| Originally posted by : Shubham chhajed | ||
|
|
house property including plot???? |
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Yes, on sale of plot also, LTCG is taxable @ 20%.
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