Tax on long term capital gain
This query is : Resolved
10 August 2016
I am a retired person and staying in my own flat which is in joint name of self and wife. In addition i own two residential apartments both in joint names which are rented out and tax paid on the rental earnings every year.
I wish to now sell in 2016 one apartment which was booked in 2005 but possession obtained in 2010 which will lead to LTCG. I have the following queries
a) Can the LTCG accruing be invested in the purchase of another apartment in joint names? I was told that that is only available if one owns only one additional residential apartment other than self use.I have two.? if correct- then which is the notification .
Is half share treated the same as full share for purpose of above rule ?
b) then also can we invest in infra bonds ? Upto what limit is allowed for both of us each ?
c) Is Cost indexation allowed from the date of making instalment payments, or only from date of possession ?
I wish to now sell in 2016 one apartment which was booked in 2005 but possession obtained in 2010 which will lead to LTCG. I have the following queries
a) Can the LTCG accruing be invested in the purchase of another apartment in joint names? I was told that that is only available if one owns only one additional residential apartment other than self use.I have two.? if correct- then which is the notification .
Is half share treated the same as full share for purpose of above rule ?
b) then also can we invest in infra bonds ? Upto what limit is allowed for both of us each ?
c) Is Cost indexation allowed from the date of making instalment payments, or only from date of possession ?
10 August 2016
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
please go through the link.
01. you can invest in another house property.
02 choice is yours whether to invest in house or bonds or both
03. apply cost of inflation w.e.f. date of completion rather than payment and/or possession.
please go through the link.
01. you can invest in another house property.
02 choice is yours whether to invest in house or bonds or both
03. apply cost of inflation w.e.f. date of completion rather than payment and/or possession.
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