Capital gain
This query is : Resolved
14 June 2015
Mr.A purchased a house in city using his agricultural income in 2012 and now he decided to sell that house .whether he will be affected by capital gain tax.if he will be taxed, tell me how to avoid tax.
14 June 2015
Capital gains tax will be applicable. To avail exemption see section 54, 54F and 54EC.
14 June 2015
what will be happen if amount wholly received in cash
15 June 2015
If it is received before 01-06-2015 no problem.
In order to curb generation of black money by way of dealings in cash in immovable property transactions section 269SS of the Income-tax Act is amended with effect from 01.06.2015 to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
In order to curb generation of black money by way of dealings in cash in immovable property transactions section 269SS of the Income-tax Act is amended with effect from 01.06.2015 to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more.
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