Capital Gain tax liability
This query is : Open
21 September 2017
I bought 1 bhk in year Aug 2013 with
1. flat cost - 2728000
2. Stamp Duty- 136400
3. Registration - 27280
4. other expenses like safety door and grill: 30000(but paid by cash)
Due to some financial issue in year 2017 i want to sell this flat at 3875000.
(Note: I have total 3 flat, 1. bought in 2009 got possession in 2014, 2. bought in 2012(the one which I want to sell) 3. bought last month Aug 2017
Question:
1. what will be capital gain tax i need to pay after indexiation.
2. if I invest all capital gain to repay loan for the flat purchased in Aug 2017, can I save the tax
Thanks for the reply
21 September 2017
1.Your long term capital gain will be zero. So no need to pay tax
2.No tax exemption allowed on payment of flat.You can claim deduction u/s 80C for principal payment of house loan.
21 September 2017
As you sell the flat within 2 years your capital gain will be short term. No indexation benefit will be available to you. No tax will be saved if you invest in any property or any other mode.
22 September 2017
Property purchased in 2009 & sold in 2017 then it is capital gain.
Message likes :
1 times
23 September 2017
@chhatra, property purchased in 2012. so almost 5 years now
23 September 2017
Mr Kolte
As property was purchased you in 2012, hence your capital gains will be long term. Taking into consideration of indexation there will be no capital gains and no need to pay tax.
As regards to your second query you will not have any tax savings if you invest capital gains to repay loan
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
