Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2014
my grandfather's property is sold by my father in 2014 Feb. which cost is 10000000Rs. we don't the of acquisition cost of my grandfather. The possession of property by my father is in 1984.so how is capital gain tax calculation? I think this property also inherent for my grandfather. If I invest in capital gain bond to save the tax.pl
10 February 2014
in such a case you can adopt FMV as on 1 April 1981 as the cost and then index it. yes you can claim exemption under section 54ec. the amount limit under 54ec is Rs 50 lakhs per annum.
alternatively you can also invest in buying another house property under section 54.
alternatively you can also invest in buying another house property under section 54.
14 February 2014
Please note that investment u/s 54EC and sec 54 contains time limit if investment is not made in this time then no deduction is permitted.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Lease agreement and tax on sale
- CCFS 2026 Schemed
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
