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
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- Non issue of e way bill
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- Payment to foreign customer
- Gstr7 vs Gstr3b 2026
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
