Capital gains tax on sale of house
This query is : Resolved
22 March 2015
A 1BHK flat bought in Pune Mharashtra in 1996 on Husband and Wifes name who are Senior Citizens and have no Income from any source, is to be sold now in 2015 .
1. What is the indexation offset the property is entitled ?
2. Can the sale proceeds(say 30 lakhs)can be split in Husband and Wifes name (say 15 lakhs on each)and if kept in Bank FD separately, with Form 15 G to avoid TDS do they have to file Income Tax return?
1. What is the indexation offset the property is entitled ?
2. Can the sale proceeds(say 30 lakhs)can be split in Husband and Wifes name (say 15 lakhs on each)and if kept in Bank FD separately, with Form 15 G to avoid TDS do they have to file Income Tax return?
22 March 2015
1. The cost can be increased to 364.41%(index increased From 281 to 1024).
2. The sale proceeds after payment of long term capital gain tax at 20% can be deposited equally in both names in FD and Form 15H can be given and no need to file return.
2. The sale proceeds after payment of long term capital gain tax at 20% can be deposited equally in both names in FD and Form 15H can be given and no need to file return.
Message likes :
1 times
22 March 2015
After deducting the Indexation from the sale proceeds the capital gain if invested in Capital Gains Bonds sec 54 EC then you need not pay the 20% capital Gain tax on the gains please confirm.
22 March 2015
Yes you are right it can be invested in 54EC bonds for 3 years and no need to pay 20%.
Message likes :
1 times
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- TDS ON CASH WITHDRAWALS...
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
