help mee plz

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i need to know the answer for this sum, so plz help me.

Mrs. B sells her house acquired in may 1995 for Rs.4,50,000 for a consideration of Rs.13,00,000 in july 2009. In october 2009 she also sold a vacant plot of land for a consideration of Rs.16,20,000. This plot was purchased in June 1989 for Rs.1,00,000. a sum of Rs.30,000 was paid for sale of land as brokerage. She purchased a house in Jan -10 for a consideration of Rs.12,50,000. Compute the capital gain.

 

can exemption be granted u/s 54 for the first sale & u/s.54F for the second sale. i need to know if it exemption can be provided under sec 54F what is the amount.

 

help me

Replies (8)

 

Sale OF House Property  
Particular Amount
Full Value of consderation 1300000
Less: Indexed cost of acq 1012100
(450000*632)/281  
LTCG 287900.4
Less: deduction Under Secton 54
 
287900.4
Chargebale LTCG 0
   
Sale of Land  
Full Value of consderation 1620000
Less: brokerage -30000
Net considration 1590000
Less: Indexed cost of acq  
(100000*632)/172 367441.9
LTCG 1222558
Less: deduction Under section 54F 739762.9
(1250000-287900=962100)  
(962100*1222558)/(1590000)  
Chargebale LTCG 482795.2

 

Notes:

1) When you sold house property and purchase house property then full amount of LTCG exempt under section 54, provided

  a) Property should be purchased, 1 year before or 2 year after in case of purchase
  b) If constructed then should be construct in 3 years after tranfer.
   
2) When you sale any capital assets and purchase house property then you can claim exemption under section 54F
formula for caluclating exemption
(Investment in purchase of house property* LTCG)/(Net considration)

Thanks guys

Dear Sir,
On 21.03.1988, my father had  opened an NSS account with Post Office.The present balance is Rs 5,04,828/- he  withdraw Rs.50000/- every years. he is now 75 years of age and not in very good health.he  would kike to close the account and withdraw the entire amount without deduction of tax at source, as dealing with the Income Tax Department is not a pleasant exercise.The department owes refunds for over 10 years. Inspite of writing to Grievance Cell and the Income Tax Ombudsman there is no reply.Hence my desire to withdraw without deduction of tax at source.Obtaining a refund after deduction of tax will not be possible in my lifetime Hence the desire to close the account without deduction of Tax.

Pl. not that he is not filling his retuns since he is retaired for his bank job. (at list since 10 to 12 years). 

Shall be thankful for your views in the matter.
Regards
Milan

thank u

but the answer in the book differs :(

even i got the same answer .

anyways thanks a lot

the ans s rs.543327.

Dear Priya.....

In the Book....I think they have provided exemption u/s 54F to Land and no exemption to HP i.e.54....

I got this answer.....

 

  Building Land      
Sale Consideration 1300000 1620000      
Less : EXP - 30000      
Net Consideration 1300000 1590000      
Less : ICOA 1012100 367442      
LTCG 287900 1222558      
Less : 54 F - 961131 (1250000*1222558/1590000)
CG 287900 261427      
           
Total CG   549327      
           

but in that way can t be computed

Dear Friend....

I have not told its to be computed like this or that...

I just worked out how the answer in the book is arrived......

I know we can claim exemption u/s 54 and 54F....but in the book they didnt.....


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