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…..
CA. Anuj Gupta
(Expert)
28 December 2010
read sec. 54 of income tax act and come back if any query arises.
Jatin Gupta
(Expert)
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- ARCA LOGIN
- Rectification under processing even after 6 months cpc portal
- RCM and same line
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
