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LTCG urgent

shivani (student) (115 Points)

07 June 2018

my client has sold home which he has got from his father , and purchased new home.
is he liable to pay LTCG???

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5 Replies

Vishal Gupta (7 Points)
Replied 07 June 2018

yes, he is liable to pay LTCG

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akash maheta (accountant) (45 Points)
Replied 07 June 2018

its depend

Miss Mansi Bhojani (Practicing Chartered Accountant) (1693 Points)
Replied 07 June 2018

Yes CAPITAL gain applicable but short or long term depends upon period of holding and gain or loss can be found out after calculation only.

akash maheta (accountant) (45 Points)
Replied 07 June 2018

if your client has 1 residential house and purchase another one then such new house amount can deduct from the ltcg. means ltcg or amount invested w.e.i. lower

Deeptha Srinivasa Ragavan (Article Assisstant) (226 Points)
Replied 07 June 2018

yes he has to pay LTCG . cost of acquisition will be cost to the previous owner & the indexation benefit is available from the date on which the property was transferred to the assessee. exemption under section 54 is available

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