Capital gains tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2012
I have inherited a commercial property comprising land and building presently fetching monthly rent of Rs.45,000/-. I would like to know if it is worth selling the property and depositing the sale proceeds in a fixed deposit for a regular fixed income. If it is worth selling what percentage of capital gain tax is applicable and what schemes are available to avoid paying capital gain tax?
03 April 2012
Whether the asset is worth selling or not has to be decided by yourself considering various points.
If the asset is sold (assuming long term capital asset), then the total sale consideration shall be invested in a residential house within a period of one year before or two years after the date on which the transfer took place (in case of purchase) or has within a period of three years after that date (in case of construction), then such capital gains are not taxable to the extent of investment.
If the asset is sold (assuming long term capital asset), then the total sale consideration shall be invested in a residential house within a period of one year before or two years after the date on which the transfer took place (in case of purchase) or has within a period of three years after that date (in case of construction), then such capital gains are not taxable to the extent of investment.
03 April 2012
Agree with Expert.
Even till the time you are not able to identify property in the year of transfer of property then by due date of filling of return, you can deposit the amount in Capital Gain Scheme Account with banks and you can utilise that money to buy property within the specified time limit as explained by Expert Mr. Kishore.
Even till the time you are not able to identify property in the year of transfer of property then by due date of filling of return, you can deposit the amount in Capital Gain Scheme Account with banks and you can utilise that money to buy property within the specified time limit as explained by Expert Mr. Kishore.
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 registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Non filing of I T Returns
- UDIN ISSUE
- Change Of Karta In Case of Death
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- 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
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
