Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2011
A senior citizen female B'lore widow has sold Residential property for 70lakhs as per registration on30-05-2011. The site was purchased in 1973 n constructed on 1977 by her husband after the expiry of her husband the house transfered to his wife name in 2004.
1)From which year we have to calculate cost of house as per index.
2)is she haas to pay capital gain, she wants to purchase residential property. up to what rate she has to purchase that to avoid capital gain tax.
3)Which amount we have to deposit as capital gain in bank up to purchase a house
what documents bank require to open this.
4)whhat is the proceeger to withdraw capital gain amount from bank.
5)what is the formalities with I T Dept to file the same.
A senior citizen female B'lore widow has sold Residential property for 70lakhs as per registration on30-05-2011. The site was purchased in 1973 n constructed on 1977 by her husband after the expiry of her husband the house transfered to his wife name in 2004.
1)From which year we have to calculate cost of house as per index.
2)is she haas to pay capital gain, she wants to purchase residential property. up to what rate she has to purchase that to avoid capital gain tax.
3)Which amount we have to deposit as capital gain in bank up to purchase a house
what documents bank require to open this.
4)whhat is the proceeger to withdraw capital gain amount from bank.
5)what is the formalities with I T Dept to file the same.
05 August 2011
1)From which year we have to calculate cost of house as per index.
Reply- Indexation will be taken from 2004 i.e. from the year since the assessee became owner.
Reply- Indexation will be taken from 2004 i.e. from the year since the assessee became owner.
05 August 2011
2)is she haas to pay capital gain, she wants to purchase residential property. up to what rate she has to purchase that to avoid capital gain tax.
Reply- The market value as on 1.4.1981 is required to be obtained from an Approved Registered Valuer. The same value or the actual cost incurred by husband (in case known) which ever is higher will be taken as Cost of the house for the purpose of indexation.
Suppose Value on 1.4.1981 is 2 lakh
then Indexed cost of acquisiton will be
(2.00 LAc x 785)/Cost Inflation Index of the F.year 2004-05 or 2003-04 as the case may be.
Reply- The market value as on 1.4.1981 is required to be obtained from an Approved Registered Valuer. The same value or the actual cost incurred by husband (in case known) which ever is higher will be taken as Cost of the house for the purpose of indexation.
Suppose Value on 1.4.1981 is 2 lakh
then Indexed cost of acquisiton will be
(2.00 LAc x 785)/Cost Inflation Index of the F.year 2004-05 or 2003-04 as the case may be.
05 August 2011
3)Which amount we have to deposit as capital gain in bank -up to purchase a house
what documents bank require to open this.
Reply- The Bank will require Photograph, Residential Proof and Identity Proof so as to meet its KYC Norms.
Only Capital Gains Amount is required to be deposited.
Capital Gain Account is like a parking place and not the destination.
what documents bank require to open this.
Reply- The Bank will require Photograph, Residential Proof and Identity Proof so as to meet its KYC Norms.
Only Capital Gains Amount is required to be deposited.
Capital Gain Account is like a parking place and not the destination.
Message likes :
1 times
05 August 2011
4)what is the proceeger to withdraw capital gain amount from bank.
Reply- In capital Gains Savings Account you will be issued by the nationalised bank ,a cheque book from which you can withdraw the amount for the purpose of construction.
Any unutilised amount has to be deposited back.
The duration is 2 years for purchase of a house and 3 years for construction of house. By this time if the amount of
CG A/c has not been utilised, the unutilised amount will be treated as LTCG
and taxed in that year.
Reply- In capital Gains Savings Account you will be issued by the nationalised bank ,a cheque book from which you can withdraw the amount for the purpose of construction.
Any unutilised amount has to be deposited back.
The duration is 2 years for purchase of a house and 3 years for construction of house. By this time if the amount of
CG A/c has not been utilised, the unutilised amount will be treated as LTCG
and taxed in that year.
05 August 2011
5)what is the formalities with I T Dept to file the same.
Reply- Just ensure at your end, whether the amount has been utilised for acquiring a new asset or unutilised amount is deposited in the Capital gains A/c till 31.07.2012.
If every thing is OK you can claim exemption in the return of AY 2012-13. In the return exemption can be claimed as if new asset has been acquired.
Reply- Just ensure at your end, whether the amount has been utilised for acquiring a new asset or unutilised amount is deposited in the Capital gains A/c till 31.07.2012.
If every thing is OK you can claim exemption in the return of AY 2012-13. In the return exemption can be claimed as if new asset has been acquired.
Message likes :
1 times
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- STCG on ETF gold & silver
- 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
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
