deduction of long term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2011
I had purchased my residential house in the year 2005 on Rs. 9 lakhs and sold the same in the year 2011 on rs.30 lakhs , and purchased another house on rs. 20 lakhs , is there any capital gain ?
and another question is if I have to sale this house after one year due to my service change at another city and there I purchase house , is there be any income tax liability with me ?
please clear me so that I shall be free of worries before sale and another purchase and tax liability etc.
and another question is if I have to sale this house after one year due to my service change at another city and there I purchase house , is there be any income tax liability with me ?
please clear me so that I shall be free of worries before sale and another purchase and tax liability etc.
15 June 2011
I had purchased my residential house in the year 2005 on Rs. 9 lakhs and sold the same in the year 2011 on Rs. 30 lakhs , and purchased another house on Rs. 20 lakhs , is there any capital gain ?
Reply- As Indexed cost of acquisition is considered while calculating Capital Gains on transfer of Long Term Capital Asset, your capital gain is certainly going to be less than the new house purchased by you. You have to claim Exemption U/s 54 and nothing will be taxable.
Reply- As Indexed cost of acquisition is considered while calculating Capital Gains on transfer of Long Term Capital Asset, your capital gain is certainly going to be less than the new house purchased by you. You have to claim Exemption U/s 54 and nothing will be taxable.
15 June 2011
If I have to sale this house after one year due to my service change at another city and there I purchase house , is there be any income tax liability with me ?
Reply- You have to pay tax on the LTCG
which was claimed as exempt, in case you sale it within 3 years of its purchase.
Suppose your Long Term Capital Gain Exemption was Rs 15.00 lac , you have to pay tax @ 20 +3% E. Cess.
Reply- You have to pay tax on the LTCG
which was claimed as exempt, in case you sale it within 3 years of its purchase.
Suppose your Long Term Capital Gain Exemption was Rs 15.00 lac , you have to pay tax @ 20 +3% E. Cess.
15 June 2011
Please clear me so that I shall be free of worries before sale and another purchase and tax liability etc.
Reply- It is not advisable to transfer Residential Houses to celebrate the job transfers. In future , you may be again transferred to this lovely city. Please maintain it up to 3 years at least.
In spite of purchasing a house every time discuss with your Company for HRA, Rent Free House etc.
Reply- It is not advisable to transfer Residential Houses to celebrate the job transfers. In future , you may be again transferred to this lovely city. Please maintain it up to 3 years at least.
In spite of purchasing a house every time discuss with your Company for HRA, Rent Free House etc.
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