Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2015
Sir,
Residential house sold in Feb 2013 for Rs.10,00,000/- and proceeds of the sale are utilised to purchase a residentail flat for Rs.10,00,000/- in March 2013. In the IT return for AY 2014, Capital gain exemption was claimed. In September 2014 this property is sold for Rs.12,00,000/- and new property availing loan of Rs.10,00,000/- and proceeds of sale of Rs.10,00,000/- are utilised to purchase residential flat, in December 2014.
What will be the gross effect of capital gain for AY 2015? How much tax will be payable? If exemption can be claimed under what heads?
Residential house sold in Feb 2013 for Rs.10,00,000/- and proceeds of the sale are utilised to purchase a residentail flat for Rs.10,00,000/- in March 2013. In the IT return for AY 2014, Capital gain exemption was claimed. In September 2014 this property is sold for Rs.12,00,000/- and new property availing loan of Rs.10,00,000/- and proceeds of sale of Rs.10,00,000/- are utilised to purchase residential flat, in December 2014.
What will be the gross effect of capital gain for AY 2015? How much tax will be payable? If exemption can be claimed under what heads?
CA Kanj Goel
(Expert)
14 August 2015
Whole Capital gain will be taxable as short term capital gain and you have to pay tax @ 30%. please refer section 54 of the Income Tax Act.
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