Income tax on ltcga
This query is : Resolved
29 November 2017
Mr.X Sold (1.12.2014) a residential plot Rs 30lakh.cost of acquisition with indexationRs. 573465. Deposited in August 2015 Rs 30 lakh in LTCGA. House could not be purchased/constructed. Suffered loss of Rs 40000 on account of deduction of EMD by a Govt. housing board. Please Guide: tax liability, withdrawal from the account and closure of LTCGA.
with regards.
R.K.Arora
with regards.
R.K.Arora
CA R SEETHARAMAN
(Expert)
30 November 2017
Pay 20% tax on capital gains and withdraw the money.
30 November 2017
Thanks Sir,please guide for the purpose of challan 280
whether it will be self assessment tax or advance tax?
for the assessment year 2018-19?
whether it will be self assessment tax or advance tax?
for the assessment year 2018-19?
CA R SEETHARAMAN
(Expert)
30 November 2017
It is self assessment tax for AY 2018-19.
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30 November 2017
Mr.x stated above is above 60 years.self assessment tax is payable in 2018-19.Kindly advise whether ltcg amount can be withdrawn without payment of tax,in Dec 2017.
CA R SEETHARAMAN
(Expert)
01 December 2017
Withdraw and pay tax immediately.
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