Houe property
This query is : Resolved
TAVKER NIKUNJ
(Querist)
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
Yogesh Agarwal
(Expert)
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.
CA PARAS BAFNA
(Expert)
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.
.
CA Mukesh Jain S
(Expert)
16 June 2012
Yes i agree with Mr.Paras
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