Tax planning
This query is : Resolved
16 September 2013
PLOT PURCHASED -40000 RS IN THE YEAR 1988-89 TOTAL PLOT AREA – 1350 SQ. FT
450 SQ FEET SOLD IN APRIL 2013 FOR 30 LACS, [9LACS THROUGH CHEQUE,21 LACS IN CASH}
CONSTRUCTION ON REMAINING 900 SQ.FT WAS STARTED IN MAY 2013 BY USING 21 LACS AMOUNT?
WHAT WILL BE THE CAPITAL GAIN? HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
450 SQ FEET SOLD IN APRIL 2013 FOR 30 LACS, [9LACS THROUGH CHEQUE,21 LACS IN CASH}
CONSTRUCTION ON REMAINING 900 SQ.FT WAS STARTED IN MAY 2013 BY USING 21 LACS AMOUNT?
WHAT WILL BE THE CAPITAL GAIN? HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
CA Pallav Singhania
(Expert)
16 September 2013
Sale Consideration : 30,00,000
Less:
Cost of Acquisition
{450/1350 X 40000}
1334 X 939/161 77,762
{Indexation benefit}
Long term Capital Gain 29,22,238
You can exemption U/s 54F for this 21 lacs
However, 21 lacs should be used in construction of residential property...
Less:
Cost of Acquisition
{450/1350 X 40000}
1334 X 939/161 77,762
{Indexation benefit}
Long term Capital Gain 29,22,238
You can exemption U/s 54F for this 21 lacs
However, 21 lacs should be used in construction of residential property...
CA Pallav Singhania
(Expert)
17 September 2013
You can claim Exemption U/S 54 EX for the remaining 9 Lacs,
Investment in NHAI and RECL bonds within 6 months from the date of sale..
Investment in NHAI and RECL bonds within 6 months from the date of sale..
17 September 2013
LONG TERM CAPITAL GAIN IS 21 LACS OUT OF SALE CONSIDERATION OF 30 LACS, 21 LACS IS EXEMPT UNDER SECTION 54F AND WHOLE 30 LACS IS INVESTED IN CONSTRUCTION OF RESIDENTIAL HOUSE PROPERTY
HOW TO SAVE TAX ON 9 LACS {30-21}?
HOW TO SAVE TAX ON 9 LACS {30-21}?
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