Capital Gain Tax
This query is : Resolved
21 August 2009
I have purchased a house property in 1980 under Staff housing loan for Rs.70000 and the building was 20 years old then. Subsequently I have renovoted constructed additional floor by spending about Rs.10 lacs in 1997. Now if the property is sold for Rs.1 crore how much capital gain tax i have to pay? How to avoid payment of capital tax. I understand that one way of avoiding CG tax is to buy new property from out of the same proceeds. If so is the new property is to be bought in my name or is it enough if I buy the same in the name of my children
Please clarify
Thanks
Please clarify
Thanks
21 August 2009
Refer Sec 54
21 August 2009
Refer Sec.54 only for exemption and condition and refer cost of omprovement and cost of indexaxtion also. and get valuation as on 1.4.81 and claim indexation
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Loss of interest in PF transfer from EPFO to Trust
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- 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
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
