Capital Gain
This query is : Resolved
24 January 2011
Part - A.
Dear All,
I Sold a residential property for Rs. 100/- on which Long Term Capital Gain was of Rs. 70/-. To claim exemption i bought a new property for Rs. 72/-. But I could not retain it with me and sold it with in 1 year of purchase. After sale of it I purchase a new plot of Rs. 80/-. Now :
1. As I claim exemption on long term profit but could not fulfill the requirement to hold new property for more than 1 year. What will be taxation effect.
Please advice.
Part - 2
I got property of my grandfather after his death. Which I had sold now. What will be the term of capital gain. As i have no purchase value for the same. Suppose i sale it for Rs. 500/- than what will be capital gain. The property is more 40 years old.
Thanks in advance
Dear All,
I Sold a residential property for Rs. 100/- on which Long Term Capital Gain was of Rs. 70/-. To claim exemption i bought a new property for Rs. 72/-. But I could not retain it with me and sold it with in 1 year of purchase. After sale of it I purchase a new plot of Rs. 80/-. Now :
1. As I claim exemption on long term profit but could not fulfill the requirement to hold new property for more than 1 year. What will be taxation effect.
Please advice.
Part - 2
I got property of my grandfather after his death. Which I had sold now. What will be the term of capital gain. As i have no purchase value for the same. Suppose i sale it for Rs. 500/- than what will be capital gain. The property is more 40 years old.
Thanks in advance
24 January 2011
1. Taxable gain Rs. 70/-
2. land to be valued as per valuer certificate. and based on that cap gain/loss is to be calculated.
2. land to be valued as per valuer certificate. and based on that cap gain/loss is to be calculated.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
