Houe property
This query is : Resolved
14 June 2012
IF I SALE MY HOUSE IN 50 LACS THEN WHAT SHOULD I DO FOR TAX RELEIF IN WHICH PERIOD I PURCHASE MY NEW HOUSE FOR TAX RELEIF
14 June 2012
To save capital gain tax you can either invest in the Bonds of REC / NHAI upto Rs.5000000 in any single year from the date of transfer of asset or you can take the benefit by investing in new house.the new house may be purchased within one year before or two years after the date on which the transfer took place. or in case of construction, within a period of three years after that date constructed.
16 June 2012
.
For getting "relief", you have to first ascertain the amount of "pain"....i.e. Capital Gain.
.
Capital Gains can be computed by deducting Indexed cost of Acquisition, in case the house sold was a long term capital asset, from 50.00 lacs.
.
When the asset sold is Short Term capital Asset, i.e. held for less than 3 yrs, no relief can be expected.
.
You have to invest only capital gains, and not the whole Rs. 50.00 lacs in the manner, as the expert suggested above.
.
For getting "relief", you have to first ascertain the amount of "pain"....i.e. Capital Gain.
.
Capital Gains can be computed by deducting Indexed cost of Acquisition, in case the house sold was a long term capital asset, from 50.00 lacs.
.
When the asset sold is Short Term capital Asset, i.e. held for less than 3 yrs, no relief can be expected.
.
You have to invest only capital gains, and not the whole Rs. 50.00 lacs in the manner, as the expert suggested above.
.
16 June 2012
Yes i agree with Mr.Paras
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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
