Property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2012
If A has inherited a property after his father's death. and then A sells that property at Rs 1 cr in 2012. (Property was bought at Rs 7 lac in 1994 & Father died in 2006).
Then A bought FLAT for Rs 1.30 cr jointly with his wife. BANK is financing 50 lac and A wants to pay 80 lac for the proceeding of land sale.
1) Will there be any kind of tax liability on the sale of land
2) who will enjoy the tax benefit home loan (1 lac principal payment and 1.5 lac interest payment)
Then A bought FLAT for Rs 1.30 cr jointly with his wife. BANK is financing 50 lac and A wants to pay 80 lac for the proceeding of land sale.
1) Will there be any kind of tax liability on the sale of land
2) who will enjoy the tax benefit home loan (1 lac principal payment and 1.5 lac interest payment)
CS ANAND RAVADA
(Expert)
26 July 2012
the capital gain is difference between the sale proceeds and indexed value of asset in 1994.
2. both can enjoy the tax benefit but the total benefit should not exceed the prescribed limit and the same should be informed to your employer.
2. both can enjoy the tax benefit but the total benefit should not exceed the prescribed limit and the same should be informed to your employer.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
