Mr. A , Property purchase on 1963 at the cost of Rs.14000/- after Mr.A. expired, his son gift this property to his wife by Gift Deed on 19.11.2022. His wife sold this property on 19.7.24 sale of Value of Rs.32 lac. How to Calculate capital gain tax and purchase value?

Hello All,

Currently while computing the Capital Gain tax for a client on sale of residential flat, wherein option of indexation is available. Now as per the updated provisions of Capital Gain tax, either with Indexation or without indexation option to choose is which is tax beneficial can be considered.

In particular case, while the Indexation option was selected and the gain is being invested in the Capital Gain account to be utilised for purchase of property, Winman software is considering the overall Capital gain in the Total Income. On checking with the winman team they pointed out that as per the Income tax forms Total Gain has to be reported to Total Income even though there is Nil Tax liability. But due to this reporting if the overall income crosses 50L, Surcharge gets activated.

Query : Is this understanding correct- to add the Capital gain to Total Income, anyone using different software than Winman could you please check some dummy scenario, I tried to check online but forms are still not made live in Income tax portal hence could not check their.

Regards

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Respected Sir
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