Capital gain taxability
This query is : Resolved
11 February 2013
An widow and her daughters family thrives on pension income only, which is below basic exemption limit.Say 1.2 lakhs. Now they want to sell either 1. House 2. Jewelery 3. shares Assuming the amount to be 6 lakhs. What would be their capital gain tax liability?? How they can avoid the same.. Please help!!
11 February 2013
If the shares are held for more than 1 year-
sell them first as such Capital gain is treated as LTCG and is exempt from Capital Gain Tax.
.
I do not advise to sell House as in the old age the widow will require a Shade on her head. Similarly jewellery will be required on her daughter's marriage.
.
sell them first as such Capital gain is treated as LTCG and is exempt from Capital Gain Tax.
.
I do not advise to sell House as in the old age the widow will require a Shade on her head. Similarly jewellery will be required on her daughter's marriage.
.
11 February 2013
Dear Abhijat,
The taxability shall depend on the cost of the asset to be sold, the period of holding, ownership of the asset (whether held separately or jointly).
The taxability shall depend on the cost of the asset to be sold, the period of holding, ownership of the asset (whether held separately or jointly).
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
