Advise in matter of house sell income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2011
Hello experts.
I have sold my flat in May 2011 month. the purchaser made Power of Attorney instead of Sell Agreement. he gave me cheque of Rs. 7,50,000/-. So this amount treated under Short term Capital Gain/loss or include in regular income.Because as per new rule property transfer through Power of Attorney is not treated as sell deed. So please guide me in this metter.
Thanks & Waiting for your reply.
I have sold my flat in May 2011 month. the purchaser made Power of Attorney instead of Sell Agreement. he gave me cheque of Rs. 7,50,000/-. So this amount treated under Short term Capital Gain/loss or include in regular income.Because as per new rule property transfer through Power of Attorney is not treated as sell deed. So please guide me in this metter.
Thanks & Waiting for your reply.
07 November 2011
In case you have given the possession of the property, it can be proved as genuine transaction.
.
You have to calculate Capital Gains on this transaction by deducting the Cost of Acquisition from the sales Consideration.
.
If the flat is a long term capital asset, you can further take indexation benefit as well as exemption from Capital Gains by investing in certain avenues.
.
You have to calculate Capital Gains on this transaction by deducting the Cost of Acquisition from the sales Consideration.
.
If the flat is a long term capital asset, you can further take indexation benefit as well as exemption from Capital Gains by investing in certain avenues.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
