capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2010 I purchased a house in April 2005 for rs. 6 lacs, in 2007 i invested rs. 2,50,000 on its repair and sold for rs. 15 lacs in 2009 dec.

i purchased a new house in july 2008 for. 12000 in the name of my wife.

Will there be any tax on me.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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15 May 2010 If first house in your name , then you have to pay tax on LTCG
Sales consdieration 15 Lacs
Less :
Cost of acquistion
600000/497*632=762978
Cost of Improvement
250000/551*632=286751
LTCG = 450271

You have to pay tax on LTCG, because for claiming exemption you should have to purchase house in your name.

Other Expert's views are solicited.

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2010 How to save Rs.450271
Is it tax I have to pay?

My father has a house. Can I show it as purchaed in my name. to save tax. I can have an agreement. What papers Income tax dept. will need to prove that I have purchased an house.

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2010 How much tax on 450271

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