House purchase & sale.
This query is : Resolved
Sandeep Joshi
(Querist)
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 .
CA Pallav Singhania
(Expert)
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..
Nikhil Kaushik
(Expert)
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
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