long term capital gains tax on property
This query is : Resolved
09 June 2011
Cn someone pls advise me on the following and also provide official links to corroborate:
1. When i sell a property is the dt of purchase the dt i started paying for it or the date i got the posession of the property.
2. in case i had the acquired the property through a home loan and therefore paid interest , then can i include the interest paid in the cost of the property? for eg cost of the property 14 lacs, int on home loan paid over 7 years amounting to 5 lacs. If no, then is there anyway i can include the 5 lac interest paid as a cost in some form??
3. can i use the long term capital gain towards payment of another home loan in order to avoid a long term capital tax
1. When i sell a property is the dt of purchase the dt i started paying for it or the date i got the posession of the property.
2. in case i had the acquired the property through a home loan and therefore paid interest , then can i include the interest paid in the cost of the property? for eg cost of the property 14 lacs, int on home loan paid over 7 years amounting to 5 lacs. If no, then is there anyway i can include the 5 lac interest paid as a cost in some form??
3. can i use the long term capital gain towards payment of another home loan in order to avoid a long term capital tax
09 June 2011
1. hi shivani , date of documents ie registry or sale deed is the date of purchase.
2. interest on home loan is a revenue expenditure and can not be part of cost of property.yes u can include the interest part if and only if u havnt taken the possession of property and it is put to use after that.
3 loang term capital gain can be used toeards payment of home loan if u have purchasd another house with in 1 year before the sale of this house.
2. interest on home loan is a revenue expenditure and can not be part of cost of property.yes u can include the interest part if and only if u havnt taken the possession of property and it is put to use after that.
3 loang term capital gain can be used toeards payment of home loan if u have purchasd another house with in 1 year before the sale of this house.
10 June 2011
thank you , pls note a follow up question.
I have a flat (cghs) which is currently not registered . but i have an agreement of purchase and a certificate of posession, so in such a case what dt would be considered as dt of purchase.
I have a flat (cghs) which is currently not registered . but i have an agreement of purchase and a certificate of posession, so in such a case what dt would be considered as dt of purchase.
10 June 2011
nice follow up question ...........in that case agreement date is the date of purchase if the house is buildup and if not date of possion is the date of purchase.
10 June 2011
nice follow up question ...........in that case agreement date is the date of purchase if the house is buildup and if not date of possion is the date of purchase.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- ASMT-10 received from A O
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
