Re : Long term capital gains
This query is : Resolved
08 March 2021
Dear Expert,
A open flat has been transferred under gift registration from father to son in the year Dec,2018.. the flat actually bought in the year 2004 price around Rs.4,50,000.00.. Now the flat being sold in the year Feb,2021 month with Rs.30,00,000.00..
Kindly guide me the way to calculate long term capital gain tax and pls confirm can the lcg tax be included in the regular income tax slab..
A open flat has been transferred under gift registration from father to son in the year Dec,2018.. the flat actually bought in the year 2004 price around Rs.4,50,000.00.. Now the flat being sold in the year Feb,2021 month with Rs.30,00,000.00..
Kindly guide me the way to calculate long term capital gain tax and pls confirm can the lcg tax be included in the regular income tax slab..
08 March 2021
capital gain=1801328.
20% tax applicable on it. In case of no other income 2.50 lacs can be deducted from it.
capital gain=1801328.
20% tax applicable on it. In case of no other income 2.50 lacs can be deducted from it.
08 March 2021
The cost calculation is like this 4.50lacs*301/113
08 March 2021
Sir, can I include the capital gain income in my overall tax slab to claim 80C deductions
08 March 2021
and how far can I claim the expenses spent for the flat development
08 March 2021
Include expenses on the cost.
Fill ITR form it will calculate tax and allow deduction.
Fill ITR form it will calculate tax and allow deduction.
08 March 2021
Sir, Can I add capital gains income with other income to include and compute as per the regular income tax slab
08 March 2021
No, 20% tax applicable on capital gains.
09 March 2021
Thanks sir for spending your valuable time on my queries..
09 March 2021
You are welcome.............
15 March 2021
It is a long term capital gain. Cost to father shall be taken as Cost of acquisition and CII is available by virtue of case laws. Manjula J Shaw.
My sincere thanks to CA R Seetharaman, who thrown a light on time which is valuable.
Please also view my video https://www.youtube.com/watch?v=BaIW4w9gVUY
My sincere thanks to CA R Seetharaman, who thrown a light on time which is valuable.
Please also view my video https://www.youtube.com/watch?v=BaIW4w9gVUY
15 March 2021
Thank you for the support sir
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