Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2011
Please advice about the capital gain tax liability
As I've got capital gain of Rs 60 lacs, by the sale of inherited residential property. Please advise its proper use to save tax liabiltes.
Also;
1. How long the amount can be kept in saving a/c?
2. Can I purchase one or more residential property out of this amount?
3. If the residential property is less than the amount, can the balance amount be deposited in infra-structure bonds to save taxes.
Your advice will be highly appreciated.
Regards
As I've got capital gain of Rs 60 lacs, by the sale of inherited residential property. Please advise its proper use to save tax liabiltes.
Also;
1. How long the amount can be kept in saving a/c?
2. Can I purchase one or more residential property out of this amount?
3. If the residential property is less than the amount, can the balance amount be deposited in infra-structure bonds to save taxes.
Your advice will be highly appreciated.
Regards
11 August 2011
u can buy more than one residential house property later on it deemed taxable in hp
u can also purchase infra bond but limit max 50 lakh
Within 6 month from c.g. have to deposit in special capital gain account (Seperate bank a/c available) for further use
u can buy more than one residential house property later on it deemed taxable in hp
u can also purchase infra bond but limit max 50 lakh
u can buy more than one residential house property later on it deemed taxable in hp
u can also purchase infra bond but limit max 50 lakh
Within 6 month from c.g. have to deposit in special capital gain account (Seperate bank a/c available) for further use
u can buy more than one residential house property later on it deemed taxable in hp
u can also purchase infra bond but limit max 50 lakh
11 August 2011
1) Gain is 60 L you can deposit 50 L u/s 54EC in infrastructure Bonds and pay tax on 10L
2) You buy one House (not one flat) and there can be 2 or more flats on the same floor and invest 60L then no capital gain attracted
2) You buy one House (not one flat) and there can be 2 or more flats on the same floor and invest 60L then no capital gain attracted
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
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
