capital gains tax scheme section 54

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jagdish (Querist)

12 May 2009
Hello Sir,
I am a salaried person earning Rs. 5,00,000 p.a.

I purchased a residential house of 80 sq. yards consisting double storey for Rs. 48,000 in 1980. In 1982 I spent Rs. 30000 for 2nd floor but I have no proof of spending.

I sold whole of it in October 2008 for Rs. 14,00,000

Till now I have not taken any action. So I need your guidance in the matter.

I want to know:-

1. What is my actual /specific amount of capital gain
2. What are the options available at this time for me to save the Tax
3. What is the time available to me for taking the action as per your addvice/suggestion i.e. by which date i have to complete the action.
4. OR I HAVE MISSED THE BUS
5. Then what amount of Tax I have to pay and by which time and on which form

Here I have to share the information that my spouse is retired PSU who own a house wherein v r living.

Please advise.
Thanks in anticipation

Jagdish

Manoj

Manoj (Expert)

13 May 2009 Your Capital Gain will be rs.946,040.

Sale Consideration : Rs.1,400,000
Indexed Cost of Acquition : Rs.(279,360)
[48000 * 582/100]
Indexed Cost of Improvement : Rs.(174,600)
[30000 * 582/109]
{Considered F.Y 1982-83}

Capital Gain : Rs.946,040

This capital gain should be used for a purchase of a new asset in your name or the gain should be deposited in capital gain deposit scheme before filing of your return u/s 139(1). i.e before 31.07.2009.

If you don't deposit the capital gain in the capital gain scheme before filing your return or if don't file your return within the specified due date, you have to pay capital gain tax @ 20%, i.e 20% of 946,040 plus surcharge and cess as applicable.

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