TAX ON SELLING RESIDENTIAL FLAT
This query is : Resolved
07 June 2021
ONE RESIDENTIAL FLAT PURCHASED ON 1991, FOR RS.125000/-
AND SOLD IN MAY 2021 FOR RS.3800000/-
MY QUERIES ARE AS UNDER
1) HOW TO CALCULATE CAPITAL GAIN TAX
2) HOW MUCH TAX ON CAPITAL GAIN
3) SELLER PARTY HAVING NO TAXABLE INCOME.
4) IF SELLER PARTY WISH TO SAVE CAPITAL GAIN TAX
THEN WHAT REMEDIES
5) SELLER PARTY IS SENIOR CITIZEN
6) SELLER PARTY IS HAVING ANOTHER RESIDENTIAL FLAT & HE
LIVED IN THIS FLAT WITH FAMILY.THE SAID FLAT BUILDING IS
SOON DEMOLISHING & GIVE TO RE-DEVELOPMENT. THEN IN THIS CASE IF HE INCUR DEVELOPMENT EXPENDITURE. CAN HE SAVE CAPITAL GAIN TAX.
YOU ARE REQUESTED TO PLEASE GUIDE
AND SOLD IN MAY 2021 FOR RS.3800000/-
MY QUERIES ARE AS UNDER
1) HOW TO CALCULATE CAPITAL GAIN TAX
2) HOW MUCH TAX ON CAPITAL GAIN
3) SELLER PARTY HAVING NO TAXABLE INCOME.
4) IF SELLER PARTY WISH TO SAVE CAPITAL GAIN TAX
THEN WHAT REMEDIES
5) SELLER PARTY IS SENIOR CITIZEN
6) SELLER PARTY IS HAVING ANOTHER RESIDENTIAL FLAT & HE
LIVED IN THIS FLAT WITH FAMILY.THE SAID FLAT BUILDING IS
SOON DEMOLISHING & GIVE TO RE-DEVELOPMENT. THEN IN THIS CASE IF HE INCUR DEVELOPMENT EXPENDITURE. CAN HE SAVE CAPITAL GAIN TAX.
YOU ARE REQUESTED TO PLEASE GUIDE
24 September 2021
1. CG is calculated over value of the property as on 01.04.2001
2. LTCG tax is at 20% + cess
3. He can save tax by investment in either new house property or in any CG bonds of NHIA or REC etc. u/s. 54EC.
2. LTCG tax is at 20% + cess
3. He can save tax by investment in either new house property or in any CG bonds of NHIA or REC etc. u/s. 54EC.
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