Hosue selling, capital gain or loss

" I have NO bills for this Rs3 L"         Forget it.

.a) What is the RATE of capital gain tax we should pay? 2% or 3 %?        Short Term as per slab.  Long Term 20% (holding not clear)
If I sell Rs 37L  MINUS I paid to Builder (no loan) Rs 35L EQUAL to 2 Lakhs GAIN (Without Indexation)

d) HOW I can prove this deal is a LOSS of Rs 1Lakh? BILLS OF COST OF IMPROVEMENT!!!!!!

please mention date of sale

rate of tax depend upon LTCG /STCG

Hello Professional Friends,  Please note MORE information to my Question

 

Sales Agreement date 17.08.2013

Possession date June 2014

Sales date will be 12.04.2017

Please let me know (1) this deal is short term OR long term (2) what would be CG tax rate? (3) I have NO bills of cost of improvement

 

Thanks

regards

Balaji Subbu

Long term and tax rate 20%. but no tax because you have loss after indexation your cost of acquisition is more than sale consideration.

for the fy 17-18 no indexation available but cost is more than sale

Imran how you define it is a LONG term gain?

more than 36 months

and for the fy 17-18 it is 24 months so it is LTCG

1. Capital Gains will have to be calculated based on sec 50c I.e stamp duty valuation on the date of sale.
stamp duty valuation and amount at which you will sell whichever will be higher will be considered as Full value of consideration.
2. The capital gain arising would be long term based on date of allotment letter date.
3.You will get the benefit of indexation.
4. Having no bills is a issue but in your sale deed if you can mention the sale amount consist of the furniture also then it can be dealt.
5. As per above calculation you get loss then, if you file your Return before due date you can claim loss.

Hi Imrankhan

 

CG tax is calculated on DIFF between (a) Rs39L minus Rs40L OR  (b) on Rs39L minus Rs37L?

 

Hi Imrankhan

CG tax is calculated on DIFF between (4a) Rs39L minus Rs40L OR  (4b) on Rs39L minus Rs37L ?

cost after indexation is more actual indexation for fy 17-18 not available

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