Tax on Property
This query is : Resolved
Chetan Goyal
(Querist)
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
CA Parvin Ahuja
(Expert)
16 February 2009
Sale price minus Cost would be short term capital gain and would be included in total income.
V.K.SUBRAMANI
(Expert)
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Capital gains in IT returns
- Intimation under section 245
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
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
