my client has sold home which he has got from his father , and purchased new home.
is he liable to pay LTCG???
5 Replies
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 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)
(233 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
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
