Capital gains
This query is : Resolved
27 December 2010
my client Purchased house property – residential : Rs. 11.75 lacs – 30.8.2004 (bank loan to be repaid ie 10 lacs……)
Selling for a purchase consideration of Rs. 40 lacs today -dec-20.2010(this month)
Please let me know if any capital gains
How to invest these funds so that capital gains is minimized…..
Selling for a purchase consideration of Rs. 40 lacs today -dec-20.2010(this month)
Please let me know if any capital gains
How to invest these funds so that capital gains is minimized…..
28 December 2010
read sec. 54 of income tax act and come back if any query arises.
29 December 2010
Yes, capital gains tax liability shall arise. The gain shall be in the nature of ong term capital gain tax and shall be difference between the sale value of house less indexed cost of acquisition of the house.
Regards
Jatin
jatingupta@vgglobal.co.in
Regards
Jatin
jatingupta@vgglobal.co.in
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- GST rate and HSN code for sale of racing horses
- Eway bill generation from place other than registeted
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- 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
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
