Tax on Property
This query is : Resolved
16 February 2009
Hi,
I am not from the tax or related profession, but need help from expert.
Purchased House Injoint Name with my wife(Not Working):
on 31st March 2007 @ 4.5 LACS Value.
Now Selling it now in Feb 2009 @ 7 lacs
How should I calculate short term capital gain which I am supposed to show on my IT return.
Thanks in Advance
Chetan
I am not from the tax or related profession, but need help from expert.
Purchased House Injoint Name with my wife(Not Working):
on 31st March 2007 @ 4.5 LACS Value.
Now Selling it now in Feb 2009 @ 7 lacs
How should I calculate short term capital gain which I am supposed to show on my IT return.
Thanks in Advance
Chetan
16 February 2009
Sale price minus Cost would be short term capital gain and would be included in total income.
17 February 2009
THE TAXABLE CAPITAL GAIN BEING SHORT TERM,NO INDEXATION BENEFIT IS POSSIBLE.SINCE YOU ACQUIRED THE ASSET FROM YOUR OWN SOURCE(ON THE ASSUMPTION YOUR WIFE BEING HOUSE MAKER WITH NO SOURCE OF INCOME)THE ENTIRE SHORT TERM CAPITAL GAIN IS TAXABLE INYOUR HANDS.
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
- TDS 194-T applicability
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- GST ITC REVERSE
- Consolidated financials
- TDS on TRUST
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- New GST registration for new place of business.
- Starting trading business
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
Quick Links
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
