This property (flat in Mumbai) was purchased in 2011 & sold in 2013 with approx. capital gains of 20 lacs. There are 3 co-owners in the property. So the capital gains can be distributed equally between the 3 owners for tax purposes?? Is there any deductions available for the same ?
3 Replies
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 01 October 2013
For purposes of capital gains, each co-owner is separately assessed on his or her share of capital gains. Such capital gains will be computed with reference to the original cost of the proportionate share in the property or if it was acquired earlier to April 1, 1981, at the market rate as on that date at the option of the assessee.
However, in your case its a short term gain,
No exemption in any section of the Act..
Have to Pay Short term Capital gain Tax @ as per normal income tax slab...
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 01 October 2013
Dear Aryan
Let me bring a small correction in your view point...
STCG(other than 111A) is taxable at normal slab rates & not @ 15%....
STCG u/s 111A(i.e.. sale of listed equity shares) is taxed @ 15%
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 01 October 2013
@ Sumit Ji,
Thank you very much for your guidance and correction...
Yup it will be taxed as per normal income tax slab..
Recent Topics
- STCG Income as Business Income ?
- Form 26QC - Amended TDS rates
- Insurance loss assessment
- Tds on last financial year payment
- Property Possession Related ITR Disclosure
- Gstr 10 return
- PPF Transfer Related Tax Implications
- Section 180 of Co Act and bank loan
- Service in relation to immovable property
- E_invoice ( Credit Note) for Cancelled GST
Related Threads
CAclubindia
