Capital Gains
This query is : Resolved
27 August 2009
sir,
This question is regarding capital gains, recently i had disposed off my land situated in urben area market value worth 10 lacs.. aquired in1995 my ques is whether i had to pay LTCG ?in this regard as i too have some 6lac woth debts not relating to dat asset... is there any provision regarding claiming exemption frm tax. moreover my father is a retired gov.employee physically handicapped,64years is ther any any relaxation for PH persons...? and if i had to pay LTCG wat is da due date? and how max possible i can plan for claiming deduction of debts... thank u sir.. waiting fr ur reply
This question is regarding capital gains, recently i had disposed off my land situated in urben area market value worth 10 lacs.. aquired in1995 my ques is whether i had to pay LTCG ?in this regard as i too have some 6lac woth debts not relating to dat asset... is there any provision regarding claiming exemption frm tax. moreover my father is a retired gov.employee physically handicapped,64years is ther any any relaxation for PH persons...? and if i had to pay LTCG wat is da due date? and how max possible i can plan for claiming deduction of debts... thank u sir.. waiting fr ur reply
28 August 2009
Capital Gains Tax is payable by the owner of
the land on transfer of a capital asset.
Sales Consideration (or Stamp Duty purpose Valuation, which ever is higher) is taken as Sales Price. From this you deduct indexed cost. Suppose you have purchased the land in Dec 1995 in Rs 1.00 Lac then indexed cost of this land would be almost double i.e. say Rs 210000/-. Your Capital Gain would be
1000000-210000=790000.
You may save capital gains tax U/s 54EC and 54F.
the land on transfer of a capital asset.
Sales Consideration (or Stamp Duty purpose Valuation, which ever is higher) is taken as Sales Price. From this you deduct indexed cost. Suppose you have purchased the land in Dec 1995 in Rs 1.00 Lac then indexed cost of this land would be almost double i.e. say Rs 210000/-. Your Capital Gain would be
1000000-210000=790000.
You may save capital gains tax U/s 54EC and 54F.
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Query regarding reporting of exempt foreign remuneration in ITR
- DUE DATE FOR ITR FILING
- U/S 194 T
- 44AD, 44ADA business details
- Old Traces Portal
- Computation of Dividend
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
