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Capital gain

Shaik Shavali (Article Assistant) (28 Points)

21 April 2012

Consideration received for vacant of house property before the expiry of the rental deed is wether taxable or not? if taxable which section is atracted and there is any relief for tax plz reply me...

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2 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 21 April 2012

Consideration is taxable and you are liable for the Capital Gains arising. Nature of Capital gain (ie. Short Term or Lng Term) will depend on the period of Holding of the House Property.

Your Capital Gains Tax shall be exempt u/s 54 if you invest the gain in a new house property within 2 years from the date of sale of house property

Regards,

Devendra Kulkarni

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gbalakrishnan (owner) (1373 Points)
Replied 08 May 2012

A CLIENT OF MINE SOLD PROPERTY IN 2007 ay 2008-09. FAILED TO FILE THE INFORMATION IN ROI BY OVERSIGHT BY HIS C A. ITO LOCATED THE MONEY UNDER CASS.THE CLIENT ENTERED IN A MOU TO PURCHASE IN AUG 2008 TO BUY A MORE COSTLY PROPERTY BUT HE WOULD BE ABLE TO COMPLETE ALL PAYMENT FOR THE RESALE PROPERTY. CAN THE CLIENT GET TAX RELIEF FROM CAPITAL GAINS!