capital gain

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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)

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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