House purchase & sale.
This query is : Resolved
24 October 2013
we sale our House sep12 in Rs. 25 lakhs & purchase 21 lakhs house. so what effect arraise in filling ITR 4 for F.Y 2012-13. pls it's urgent .
24 October 2013
It will be a short term capital Gain of Rs. 4 lacs as per info provided, will be shown in ITR 4 and tax will be charged as normal slab rate..
24 October 2013
Dear Sandeep, the determining factor will be when did you purchase the house you sold in sept 2012.
If the house was bought before Sept 2009, then depending on the indexed cost of the house, your long term capital gains shall be computed and the set off can be claimed against the purchase of Rs 21 lakhs.
However, if you bought the old house after sept 2009, then you shall be taxed on short term capital gains depending on the cost of the house. Purchase of new house won't have any impact on the taxability ie no tax exemption shall be available
If the house was bought before Sept 2009, then depending on the indexed cost of the house, your long term capital gains shall be computed and the set off can be claimed against the purchase of Rs 21 lakhs.
However, if you bought the old house after sept 2009, then you shall be taxed on short term capital gains depending on the cost of the house. Purchase of new house won't have any impact on the taxability ie no tax exemption shall be available
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
