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Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 My Client has purchase Land in January'2011 with partnership firm which share is 33.33% in Rs. 209767/- Now all the Land was Sale in June'2014 and as per my Client share amount is Rs. 343966/-. So now how much capital for the F.Y. 2014-15 is to be paid ??

Kindly calculate for me

Thanks in advance

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 Some confusion? In whose name the land was purchased?
Assuming that the land is purchased in three names...(partners), and the figures given by you represent 1/3 (33.33%)
long term capital gain = 343,966 - (209,767X 1,024/711) = 343,966 - 302,112 = 41,854

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 What do i do to save tax ?? any exemption ??

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 June 2014, you have sold. So you can HARDLY do anything to save the tax as such.
(Just check if you can avail the exemption u/s 54F, subject to, however the other conditions set out in the said section.)

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 In my case kindly give such information u/s 54F.what will be good for me to do ??

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 Before June 2016 i.e. 2 years from the sale of the capital asset, you need to PURCHASE a flat. (54F also says that as on the date of transfer, you should NOT own any other residential house)

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 How much investment do i need to do to take exemption u/s 54F ??

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 what is your other income? Accordingly you need to take the decision.
Assuming your income falls above taxable limit, you will get a proportionate exemption of the amount you invest in the flat.In your case it is around 12%. (41854 / 343,966)

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 I have a jewellery business and I am in 10% tax slab

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 I think you better pay 20% Capital Gain tax.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 Investment option is block for me or else ??

Amol S Joglekar

Amol S Joglekar (Expert)
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09 April 2016 not blocked as such, but you need to invest at least 343,966 in flat, that too before june 2016. In that case paying 20% of 41854 would be in favour of risk reward ratio. isnt it?

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2016 how to pay tax of 20% and I have also 1525/- tax in that year.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 April 2016 That is what I want to tell you. You work out your tax liability. Paying income tax seems to be better option in your case.

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