Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Emergency need quick reply

Save Share

Join Us Follow Us Add as Source

This query is : Open

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2012 a housewife who has just deemed rental income from second house of rs 50000 and 20000 other
and has 80c rs 20000 for previous year. she sell a long term house of rs 10 lakh which coa is 2 lakh so long term cg 8 lakh
she has purchased a house of rs 4.5 lakh
now remaining 3.5 lakh. how to save from tax?
we can use capital gain account scheme
after two year also she has only 80000 as normal income.
cant use 54 ec six month time over.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

21 August 2012 1. Firstly, since the asset is a long term capital asset, indexation benefit is available.

The cost of Rs. 2 lakh shall be indexed and accordingly the resulatnat capital gain shall be less than Rs. 8 lakh.

2. First compute the correct capital gain and then see the shortfall for claiming exemption.

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2012 2 lakh is after index
and one house has purchased for 54

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now