Long term capital gain
This query is : Resolved
14 September 2011
I PURCHASED A PROPERTY IN THE F.Y. 2003 AMOUNT RS. 5 LAC AND SOLD IT IN THE F.Y. 2010-11 AMOUNT 8 LAC . AND NOW I WANT TO RE-INVEST IN THE PROPERTY 3.5 LAC ONLY , IN THAT CASE HOW I CALCULATE MY CAPITAL GAIN.
14 September 2011
take indexation benefit as 3 years are completed. and if some long term arise then may invest for claiming exemption.
14 September 2011
HOW MUCH AMOUNT SHOULD I INVEST TO SAVE CAPITAL GAIN TAX.
14 September 2011
1.Investment is to be in New Residential House.
2.Exemption U/s 54F
=Capital Gain*Amount Invested/Net Consideration.
With in what period to be invested:
1.In case of Purchase-With in 1year before or 2 years, after the date of transfer.
2.In case of construction-With in 3 years after the date of transfer.
3.Should not own more than one residential House.(should not buy or Construct with in 3 years from the date of transfer)
4.New asset should not be transferred for a period of 3 years.
5.Unutilised amount should be deposited in capital gain scheme
2.Exemption U/s 54F
=Capital Gain*Amount Invested/Net Consideration.
With in what period to be invested:
1.In case of Purchase-With in 1year before or 2 years, after the date of transfer.
2.In case of construction-With in 3 years after the date of transfer.
3.Should not own more than one residential House.(should not buy or Construct with in 3 years from the date of transfer)
4.New asset should not be transferred for a period of 3 years.
5.Unutilised amount should be deposited in capital gain scheme
14 September 2011
SIR, IF MY MY NET CAPITAL GAIN IS 8-5=3 , CAN I INVEST ONLY RS. 3 LAC IN NEW ASSETS AND REST RS. 5 LAC FOR OTHER ANY WORK.
14 September 2011
Subash,
you need to save tax on capital gains and as per CII (Cost inflation Index) you will be liable for tax on 1.33, so you can invest the same.
you need to save tax on capital gains and as per CII (Cost inflation Index) you will be liable for tax on 1.33, so you can invest the same.
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