Capital gain
This query is : Resolved
jayesh shah
(Querist)
05 July 2012
i am having one tenanted property owned by me.i had owned it from more than 25 years and i have only rent receipt as proof.
Recently some builder is developing that property and paid me Rs.10,00,000/- to vacate it and surrender the tenancy. all the money was paid by cheque.
also i have incurred short term capital loss on sale of shares amounting to Rs.2,50,000/-.
if gain on sale-surrender of tenancy of property taken as long term gain then can i adjust
my short term loss on sale of shares against long term gain
and secondly at what rate i have to pay tax on my long term gain and on what amount.
Recently some builder is developing that property and paid me Rs.10,00,000/- to vacate it and surrender the tenancy. all the money was paid by cheque.
also i have incurred short term capital loss on sale of shares amounting to Rs.2,50,000/-.
if gain on sale-surrender of tenancy of property taken as long term gain then can i adjust
my short term loss on sale of shares against long term gain
and secondly at what rate i have to pay tax on my long term gain and on what amount.
CA.Sourabh Sethia
(Expert)
06 July 2012
yes you can adjust your short term capital loss with long term gain
you have to pay tax @ 20 % on balance long term gain after setting off loss
long term gain will be calculated as follows
Sale Consideration (in Your Case it is Rs.10lacs)
Less Indexed Cost of Acquisition (Whatever it is in your case)
the long term capital gain will then be setoff by Rs.250000/- and the balance will be taxed @ 20 %
you have to pay tax @ 20 % on balance long term gain after setting off loss
long term gain will be calculated as follows
Sale Consideration (in Your Case it is Rs.10lacs)
Less Indexed Cost of Acquisition (Whatever it is in your case)
the long term capital gain will then be setoff by Rs.250000/- and the balance will be taxed @ 20 %
28 July 2023
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