Capital gain
This query is : Open
15 October 2013
A RESIDENTIAL HOUSE PROPERTY IS PURCHASE ON DATE 04/06/2005 FOR RS. 352510 INCLUDING STAMP CHARGE AND REGISTRATION CHARGES.
SAME IS SOLD ON DATE 29/07/2009 FOR RS. 675000/- THERE IS CAPITAL GAIN ON PROPERTY.
A NEW RESIDENTIAL FLAT PURCHASE ON DATE 24/11/2010 FOR RS. 1035195/- INCLUDING STAMP CHARGES AND REGISTRATION CHARGES AND ALSO 55275/- FOR LIFE TIME MAINTANANCE.
A CAPITAL GAIN WAS DEMANDED AS EXEMPTION IN THE ASSESSMENT YEAR 2010 - 2011.
NOW NEW PROPERTY WAS SOLD ON DATE 25/09/2012 FOR RS. 1060000/-
AND NEW HOUSE PURCHASE FOR RS. 1165200/- INCLUDING STAMP CHARGES AND REGISTRATION CHARGES
SO WHAT IS THE TAX TREATMENT ON THE ABOVE CASE
IT'S VERY URGENT
REPLY FAST AS EARLY AS POSSIBLE
THANKS IN ADVANCE
SAME IS SOLD ON DATE 29/07/2009 FOR RS. 675000/- THERE IS CAPITAL GAIN ON PROPERTY.
A NEW RESIDENTIAL FLAT PURCHASE ON DATE 24/11/2010 FOR RS. 1035195/- INCLUDING STAMP CHARGES AND REGISTRATION CHARGES AND ALSO 55275/- FOR LIFE TIME MAINTANANCE.
A CAPITAL GAIN WAS DEMANDED AS EXEMPTION IN THE ASSESSMENT YEAR 2010 - 2011.
NOW NEW PROPERTY WAS SOLD ON DATE 25/09/2012 FOR RS. 1060000/-
AND NEW HOUSE PURCHASE FOR RS. 1165200/- INCLUDING STAMP CHARGES AND REGISTRATION CHARGES
SO WHAT IS THE TAX TREATMENT ON THE ABOVE CASE
IT'S VERY URGENT
REPLY FAST AS EARLY AS POSSIBLE
THANKS IN ADVANCE
16 October 2013
In your case, the cost of the new asset will be reduced by the capital gains exemption claimed earlier.
The resultant capital gain shall be taxed as short term capital gains.
The resultant capital gain shall be taxed as short term capital gains.
17 October 2013
MODIFY THE QUESTION
17 October 2013
??????????
19 October 2013
STILL NOT ANSWER
PLEASE READ QUESTION THAN ANSWER
THANKS
PLEASE READ QUESTION THAN ANSWER
THANKS
20 October 2013
Well Ashish, thats the answer!! The sale of second asset on 25/09/2012 shall be considered as short term capital gains. purchase of new asset thereafter doesn't entitle you to any exemption in either 54 or 54F.
For computation of capital gains arising on 25/09/2012, the exemption allowed earlier was cancelled and accordingly reduced from the cost of the asset purchased on 20/11/2010.
For computation of capital gains arising on 25/09/2012, the exemption allowed earlier was cancelled and accordingly reduced from the cost of the asset purchased on 20/11/2010.
12 November 2013
DEAR NIKHIL KAUSHIK PLEASE GIVE CALCULATION OF CAPITAL GAIN AND AMOUNT OF TAX
THANKS IN ADVANCE
THANKS IN ADVANCE
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