Capital gains
This query is : Open
25 December 2015
I have taken possession of a flat in Mumbai after redevelopment in May 2014. This flat was in my mothers name originally and through WILL, I received possession.
My questions are
a) What will be acquisition price ?
b) When can I sell to claim long term capital gain.
c) Will this flat considered as second flat for IT purpose ?
Pl help
Harshad Khona
My questions are
a) What will be acquisition price ?
b) When can I sell to claim long term capital gain.
c) Will this flat considered as second flat for IT purpose ?
Pl help
Harshad Khona
25 December 2015
https://taxguru.in/income-tax/automatic-capital-gain-calculator-excel-format.html
25 December 2015
https://taxguru.in/income-tax/automatic-capital-gain-calculator-excel-format.html
26 December 2015
This not reply to my question.
28 December 2015
(a) Cost of acquisition will be the cost to your mother.
(b) Date of acquisition will be the date on which your mother acquired the flat. I am guessing that your mother had the flat for more than 36 months. If that is the case then you can sell it immediately and it will be long-term gain.
(c) The flat will be considered as a second flat if you have any other flat in your name. However, if the flat is kept vacant throughout the year then there will be no taxable income from the flat.
(b) Date of acquisition will be the date on which your mother acquired the flat. I am guessing that your mother had the flat for more than 36 months. If that is the case then you can sell it immediately and it will be long-term gain.
(c) The flat will be considered as a second flat if you have any other flat in your name. However, if the flat is kept vacant throughout the year then there will be no taxable income from the flat.
Message likes :
1 times
02 January 2016
Mr Sunil,
But my mom's flat earlier was on rent. In this case how do I consider cost of acquisition. Flat on rent was purchased in 1961.
But my mom's flat earlier was on rent. In this case how do I consider cost of acquisition. Flat on rent was purchased in 1961.
11 July 2016
It does not matter if the flat was on rent earlier. In your case cost of acquisition will be FMV on 1.4.1981.
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
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- Capital gain on sale and purchase of plot
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
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
