Capital gain
This query is : Open
10 August 2011
I sold my house in October 2009 and in November 2009 I invested the entire amount of Rs. 24 lacs in SBI Capital Gains Fixed Deposit for 3 years.
What I wanted to know is regarding the payment time of the tax liability on the amount of Rs 15,00,000 as per the return I filed in 2009-2010. This was calculated based on the purchase price, indexing cost etc.
The question is:
Should I invest in another flat before 2 years and can get possession at a later date?
Should the date of possession be within 2 years of the sale, or is it the date of investing the amount of Rs. 24 lacs? In order to avoid capital gains tax?
Should I continue to keep the amount in capital gains FD of SBI, then when do I pay the tax?
What I wanted to know is regarding the payment time of the tax liability on the amount of Rs 15,00,000 as per the return I filed in 2009-2010. This was calculated based on the purchase price, indexing cost etc.
The question is:
Should I invest in another flat before 2 years and can get possession at a later date?
Should the date of possession be within 2 years of the sale, or is it the date of investing the amount of Rs. 24 lacs? In order to avoid capital gains tax?
Should I continue to keep the amount in capital gains FD of SBI, then when do I pay the tax?
10 August 2011
Should I invest in another flat before 2 years and can get possession at a later date?
You have to invest it within 2 years in a residential house. Do not worry about completion, but take care, you have to invest, and, not waste the money. It should be get completed by the builder as the earliest possible.
You have to invest it within 2 years in a residential house. Do not worry about completion, but take care, you have to invest, and, not waste the money. It should be get completed by the builder as the earliest possible.
10 August 2011
Should the date of possession be within 2 years of the sale, or is it the date of investing the amount of Rs. 24 lacs? In order to avoid capital gains tax?
.
Date of purchase (and not possession)
is within 2 years from the date of sale of original asset.
.
Date of purchase (and not possession)
is within 2 years from the date of sale of original asset.
10 August 2011
Should I continue to keep the amount in capital gains FD of SBI, then when do I pay the tax?
.
You have to pay tax after the 3rd Sales Anniversary of your original house.
You will be liable to pay Capital Gain Tax.
As such will not be able to escape from the LTCG Tax Liability.
.
You have to pay tax after the 3rd Sales Anniversary of your original house.
You will be liable to pay Capital Gain Tax.
As such will not be able to escape from the LTCG Tax Liability.
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