HOW TO SAVE CAPITAL GAIN ON SALE OF PROPERTY
This query is : Resolved
Sachin Kumar
(Querist)
05 May 2023
We are family of 3 brothers and mother.
My father (expired in February 2017) purchased one flat in June 2016 and after death of father , 3 brothers gifted their portion to mother via gift deed and flat got transferred in my mothers name.
My mother , 58 yrs , has sold a society flat in December 2022 for 35 lacs. Purchase Price was 20 lacs , stamp duty 1.4 Lacs , registration fees 10K. Long term capital gain is coming as Rs. 804356 (35 lacs - 21.50 lacs/264*331).
- the calculation of capital gain is correct ?
- we want to save capital gain tax , basic exemption limit for FY 2022-23 is Rs. 2.5 Lakh , balance Rs 554356 (804356 - 250000) if we invest in capital gain bond , the we will be able to save capital gain tax of 20% ?
- does capital gain is applicable in this case as flat got transferred in my mother name from father ?
My father (expired in February 2017) purchased one flat in June 2016 and after death of father , 3 brothers gifted their portion to mother via gift deed and flat got transferred in my mothers name.
My mother , 58 yrs , has sold a society flat in December 2022 for 35 lacs. Purchase Price was 20 lacs , stamp duty 1.4 Lacs , registration fees 10K. Long term capital gain is coming as Rs. 804356 (35 lacs - 21.50 lacs/264*331).
- the calculation of capital gain is correct ?
- we want to save capital gain tax , basic exemption limit for FY 2022-23 is Rs. 2.5 Lakh , balance Rs 554356 (804356 - 250000) if we invest in capital gain bond , the we will be able to save capital gain tax of 20% ?
- does capital gain is applicable in this case as flat got transferred in my mother name from father ?
CA R SEETHARAMAN
(Expert)
06 May 2023
Yes, capital gains calculation is right.
Capital gains tax applicable in this case invest in capital gains bonds 5.54 lacs
Capital gains tax applicable in this case invest in capital gains bonds 5.54 lacs
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