Long term capital gain
This query is : Resolved
30 October 2012
i have purchaseed residetial house in 2007 in 8lacs, same is sold @ 55lacs in june 2012,
agaist this gain i have purchased residetial flat worth 12lacs and commercial premises worth 42lacs before transfer of above property,
kindly advise me that, should i fall in long term gain liability?
agaist this gain i have purchased residetial flat worth 12lacs and commercial premises worth 42lacs before transfer of above property,
kindly advise me that, should i fall in long term gain liability?
31 October 2012
firstly find out the Long term Capital gain after indexation.
Then from the long term capital gain you would be allowed a deduction of Rs. 12 lakh of residential property plus the registration charges you paid for e.g. stamp duty, lawyers fees, registration fee. etc are also allowable.
The cost of commercial property purchased is not allowable.
Then from the long term capital gain you would be allowed a deduction of Rs. 12 lakh of residential property plus the registration charges you paid for e.g. stamp duty, lawyers fees, registration fee. etc are also allowable.
The cost of commercial property purchased is not allowable.
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
