Capital gain exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2011
If an individual sells a residential house property n got a capital receipts of rs one crore & the assesse invests rs.35 lacs out of dat amount in purchasing new house property..
So now for remaining 65 lacs amount the assese also wants to purchase another new house property.so if he investd whole capital receipts of rs one crore in two properties.
Wats the tax planing under said exemption?? should he can get the benefit for both houses??
So now for remaining 65 lacs amount the assese also wants to purchase another new house property.so if he investd whole capital receipts of rs one crore in two properties.
Wats the tax planing under said exemption?? should he can get the benefit for both houses??
11 July 2011
the benefit is restricted to ONE House property acquisition.
13 July 2011
As per the provisions of Income Tax Act you can take the benefit of investment of Capital Gains in One House.
You are not clear about when you purchased the house which was sold. If you give the date of purchase and the amount it can be advised how much capital gain you have derived. Suppose you purchased the house for 50 lacs about 10 years back and now you are getting 1 cr. then apparently your capital gain is 50 lacs but in fact indexation benefit for 10 years is to be deducted from 50 lacs to arrive at the capital gain which might come to only 35 lacs. If it is so then the things will change.
If your figures are correct and after indexation then you will be charged for capital gains tax for 65 lacs.
You are not clear about when you purchased the house which was sold. If you give the date of purchase and the amount it can be advised how much capital gain you have derived. Suppose you purchased the house for 50 lacs about 10 years back and now you are getting 1 cr. then apparently your capital gain is 50 lacs but in fact indexation benefit for 10 years is to be deducted from 50 lacs to arrive at the capital gain which might come to only 35 lacs. If it is so then the things will change.
If your figures are correct and after indexation then you will be charged for capital gains tax for 65 lacs.
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Query regarding reporting of exempt foreign remuneration in ITR
- Correction in TDS return New Traces Portal
- TDS refund Indemnity Bond
- PF wage ceiling
- F&O reporting in ITR
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
