capital gain

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Murali Krishna (Querist)
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14 February 2017 I sold a house for 30.3lakhs (22.2lakhs)@August 2016 Which is purchased in February 2013@15.25lakhs(24lakhs).figures in brackets are in registered documents. sir what is the capital gain ?I cleared Lichfl loan of 15.25lakhs from this amount and gave handloan of 10lakhs to my friend .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 February 2017 Check the purchase figure in bracket is it 14 lacs.

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Murali Krishna

Murali Krishna (Querist)
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14 February 2017 24Laks sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 February 2017 No capital gain as sale value as per registered document is less than purchase value.

Murali Krishna

Murali Krishna (Querist)
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15 February 2017 sorry sir. actually purchased value is24lakhs but registered is 15.25Lakhs.registered sale value is 22.2lakhs.

Murali Krishna

Murali Krishna (Querist)
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15 February 2017 to save registration charges we reduced registered purchased amount

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 February 2017 The long term capital gain is 2.20 lacs after deduction of indexed cost.

Murali Krishna

Murali Krishna (Querist)
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15 February 2017 thank you sir

Murali Krishna

Murali Krishna (Querist)
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16 February 2017 sir please guide me. for this financial year my taxable income will be 3.8lakhs. is this capital gain of 2.2laks taxable?

Murali Krishna

Murali Krishna (Querist)
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16 February 2017 if it is what the tax I have to pay?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 February 2017 You have to pay 20% tax on 1.0 lac and at 10% on 1.2 lacs(under 10% slab) on capital gain..

Murali Krishna

Murali Krishna (Querist)
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17 February 2017 sir is it required to present any receipt for commission (70000) I paid for my sale transaction to broker to my employer for Form16. mean while I had renovated that house @2.4lakhs in February 2013.overall I have no capital gain.Am I right sir?