Capital Gain on House Property
This query is : Resolved
CA Pradeep Kamathe
(Querist)
14 March 2009
One of my client purchased flat in 2003-04 for Rs. 6,35,000/- & made furniture of Rs. 1,75,000/- in the year of purchases.Now he decided to sale that flat in March 2009 @ Rs.17,00,000/-, So my queries are as follows:
1)Is it benificial to sale Flat in the month of March 09 or postpone this decision in next F.Y?
2)Can we take advantage of furniture cost as cost of improvement, if deceision is to sale that flat as furnished flat?
3)Hoe we minimize long term capital gain tax ?
4)Is it necessary to mention flat amount & furniture amount separatly in the Sale Deed?
1)Is it benificial to sale Flat in the month of March 09 or postpone this decision in next F.Y?
2)Can we take advantage of furniture cost as cost of improvement, if deceision is to sale that flat as furnished flat?
3)Hoe we minimize long term capital gain tax ?
4)Is it necessary to mention flat amount & furniture amount separatly in the Sale Deed?
CA Tilak Raj Sharma
(Expert)
14 March 2009
1) If you sold in April 09 then you can defer the capital gain tax by one year.
CA Tilak Raj Sharma
(Expert)
14 March 2009
2) Yes, it can be added in the cost.
3) You can do the following investment -
a)U/s 54 - Purchase HP in one year back or 2 year forward or contruct a new house in 3 years from the date of transfer.
b) U/s 54EC - Bonds of NHAI Or REC. - within 6 months from the date of transfer.
3) You can do the following investment -
a)U/s 54 - Purchase HP in one year back or 2 year forward or contruct a new house in 3 years from the date of transfer.
b) U/s 54EC - Bonds of NHAI Or REC. - within 6 months from the date of transfer.
CA Tilak Raj Sharma
(Expert)
14 March 2009
4) I think there is no need to mention the amount separately.
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