tax on sale of property
This query is : Resolved
Arjun Singh
(Querist)
20 July 2011
Dear Sir,
I have purchased a flat of Rs.5.5lakh in 2003 and sold in 2010 for Rs.14.5 lakh. At the same time i have utilised that amount to purchased another property.
Should I have to pay the tax on that amount in 2010-11 (FY)?
If not, How should i show the transaction in my tax return of F Y 2010-11 ?
Regards,
Arjun
I have purchased a flat of Rs.5.5lakh in 2003 and sold in 2010 for Rs.14.5 lakh. At the same time i have utilised that amount to purchased another property.
Should I have to pay the tax on that amount in 2010-11 (FY)?
If not, How should i show the transaction in my tax return of F Y 2010-11 ?
Regards,
Arjun
CA PARAS BAFNA
(Expert)
20 July 2011
If entire amount has been utilised for purchase of New Residential House, there is capital gains is not taxable.
You have to Show this transaction under the head capital gains.
Sales Consideration 14.5
Less: Indexed Cost of Acquisition X
Difference will be Capital Gain.
You have to claim exemption U/s 54.
........ 5.5 X CIF OF SELLING FY
X= ------------------------------
....... CIF OF BUYING FY
You have to Show this transaction under the head capital gains.
Sales Consideration 14.5
Less: Indexed Cost of Acquisition X
Difference will be Capital Gain.
You have to claim exemption U/s 54.
........ 5.5 X CIF OF SELLING FY
X= ------------------------------
....... CIF OF BUYING FY
Arjun Singh
(Querist)
20 July 2011
Thanks a lot for your quick response and solution paras ji.
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