Hello to all,
I having a situation here...
My aunt has done some transactions and I need help to minimize her tax incidence
She's Salaried Employee Rs.50k gross income roughly...
Hope u'all help me...
Ok the situation is
1. Gold sold by her (some Ancestral and some Self acquired)
Most of them bought 3-12 Yrs Cap. so LTCG. Rs.11Lacs (80% are Recd in Cash)
so the Que. here is I dont have any receipt of purchase of the Gold that old.
How to calculate the CG on that??
2. She Sold her Vacant Plot bought for 20k on paper (35K actual paid amount)
Sale Value Rs. 9.50Lacs (6Lacs by chq and 3.5 in cash)
can cost of imrovment paid in cash allowd in COA??
3. She has booked a Flat of Rs.60Lacs so how can we incorporate all Amts. in cash
above in this flat make it look like whole white Transaction?
4.She already has 1 house in her name but i think sec 54F allows another investment in
res. house. But can CG of Gold and Land be exempted cumulatively under sec54F??
can GOLD and LAnd capital gain exempted simultaneously u/s 54F for same single Res. Property??
Pls reply soon,
Thank You.
CAclubindia
