capital gain

This query is : Resolved

Murali Krishna (Querist)
Follow

14 February 2017 I sold a house for 30.3lakhs (22.2lakhs)@August 2016 Which is purchased in February 2013@15.25lakhs(24lakhs).figures in brackets are in registered documents. sir what is the capital gain ?I cleared Lichfl loan of 15.25lakhs from this amount and gave handloan of 10lakhs to my friend .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

14 February 2017 Check the purchase figure in bracket is it 14 lacs.

Message likes : 1 times

Murali Krishna

Murali Krishna (Querist)
Follow

14 February 2017 24Laks sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 February 2017 No capital gain as sale value as per registered document is less than purchase value.

Murali Krishna

Murali Krishna (Querist)
Follow

15 February 2017 sorry sir. actually purchased value is24lakhs but registered is 15.25Lakhs.registered sale value is 22.2lakhs.

Murali Krishna

Murali Krishna (Querist)
Follow

15 February 2017 to save registration charges we reduced registered purchased amount

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 February 2017 The long term capital gain is 2.20 lacs after deduction of indexed cost.

Murali Krishna

Murali Krishna (Querist)
Follow

15 February 2017 thank you sir

Murali Krishna

Murali Krishna (Querist)
Follow

16 February 2017 sir please guide me. for this financial year my taxable income will be 3.8lakhs. is this capital gain of 2.2laks taxable?

Murali Krishna

Murali Krishna (Querist)
Follow

16 February 2017 if it is what the tax I have to pay?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

16 February 2017 You have to pay 20% tax on 1.0 lac and at 10% on 1.2 lacs(under 10% slab) on capital gain..

Murali Krishna

Murali Krishna (Querist)
Follow

17 February 2017 sir is it required to present any receipt for commission (70000) I paid for my sale transaction to broker to my employer for Form16. mean while I had renovated that house @2.4lakhs in February 2013.overall I have no capital gain.Am I right sir?

Murali Krishna

Murali Krishna (Querist)
Follow

17 February 2017 Sir my doubt is 'whether I have to submit any receipt to my employer for brokerage I paid to broker 'for avoiding capital gain tax

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

18 February 2017 No need to submit anything to employer. File return for capital gain your self.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA K GIRIDHAR

shubham agrawal

T E SOUNDARARAJAN

Krishnan V

Sivanath VV

Subscribe Now

capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

CA Final

Accountant

GST CONSULTANT