Capital Gain
This query is : Open
23 October 2010
I have purchased a property in Nov-2003 in joint name. my share was 40% which cost Rs. 1896012.00 & the same I have sold out in Nov-2009 with my share value of Rs. 2201200.00 (Sale consideration) but at that time it's present market value was Rs. 6248880.00 Pls tell me weither It will cover under Capital Gain Tsx or Not.
If yes how capital gain tax will be calculated (Pls describe me with illustration)
If there is any chance to save the Capital Gain Tax. (Pls provide me the complete procedure in detail.)
If yes how capital gain tax will be calculated (Pls describe me with illustration)
If there is any chance to save the Capital Gain Tax. (Pls provide me the complete procedure in detail.)
24 October 2010
First the capital gain would be computed by giving the indexation impact. As you hold the assets for more than three years than it would be long term capital gain.
25 October 2010
u can save tax by investing as per Sec 54 or 54 B or 54EC or 54 F
25 October 2010
It is long term capital Assets.
Capi gan :
Sales Consi i.e 2201200.00
Less : Index Cost of Acqui.
i.e. 1896012 X 632
--- ( )
463
--------------
Net LTCG :
The Net LTCG chargable @ 20 % subject to basic exemption limit.
To avoid Tax, Invest as per Section 54, 54EC i.e invest in new residential house or NABARD or REC bond.
Capi gan :
Sales Consi i.e 2201200.00
Less : Index Cost of Acqui.
i.e. 1896012 X 632
--- ( )
463
--------------
Net LTCG :
The Net LTCG chargable @ 20 % subject to basic exemption limit.
To avoid Tax, Invest as per Section 54, 54EC i.e invest in new residential house or NABARD or REC bond.
26 October 2010
Pls tell me one thing that all of you have considered the Sales consideration value while tax would be imposed on market value. pls tell me the complete funda of calculation of tax on it. Pls reply ASAP.
27 October 2010
When sale consideration is lower than stamp valuation, then value as per stamp valuation would be deemed consideration (Sec 50C)
it is value as per stamp valuation not market value.
it is value as per stamp valuation not market value.
27 October 2010
Sir, It means Stamp valuation value would be taken as sale value & Index cost of accusation will be less from Stamp valuation value.
Am I right or wrong.
Pls reply me ASAP.
Am I right or wrong.
Pls reply me ASAP.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
