Capital Gain on Sale of Property or How deduction will be applicable
This query is : Resolved
Quick Summary
15 November 2021
Dear All,
Kindly Suggest me on my below Query.
If Someone Sale his own property with profit of Rs 40,00,000/- (As per Long Term Capital Gain).
He is Interest to Book New flat value of Rs 1 CR but in Construction. Building will ready within next 3 years. So he will pay Flat amount Installment wise or slab wise which builder provided.
But Builder only ask for Rs 10,00,000/- and pay after remaining as slab wise.
So Earn Rs 40,00,000 - Rs 10,00,000/- (1st Installment) = Remaning Rs 30,00,000/- is taxable or not, or if he is interest to Save that amount in Saving bank. what will happened.
Kindly Suggest me what He want to do for saving tax.
Your Suggestion will really helpful for me
Kindly Suggest me on my below Query.
If Someone Sale his own property with profit of Rs 40,00,000/- (As per Long Term Capital Gain).
He is Interest to Book New flat value of Rs 1 CR but in Construction. Building will ready within next 3 years. So he will pay Flat amount Installment wise or slab wise which builder provided.
But Builder only ask for Rs 10,00,000/- and pay after remaining as slab wise.
So Earn Rs 40,00,000 - Rs 10,00,000/- (1st Installment) = Remaning Rs 30,00,000/- is taxable or not, or if he is interest to Save that amount in Saving bank. what will happened.
Kindly Suggest me what He want to do for saving tax.
Your Suggestion will really helpful for me
15 November 2021
The remaining amount he should deposit into Capital Gain Savings account, 1988 scheme; for payment to builder as per slab. So that the total 40 lakhs becomes deductible u/s. 54 of IT act.
Message likes :
1 times
15 November 2021
Thank U So Much Sir
16 November 2021
Most Welcome ..
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
