Tax planning regarding avoidance of ltcg on house property
This query is : Resolved
26 February 2016
if a person has sold a house property for Rs. 40 lacs in F.Y 2015-16, cost of purchase is Rs.150000/-(F.Y 2005-06). How a person reduce his tax liability on LTCG, Except by investing in property (u/s 154/154F) & cost of improvement is not capitalize in previous years..& there is no long term capital loss.
27 February 2016
then there is no way to save tax except for going for 54EC bond investments.
Message likes :
2 times
27 February 2016
can we show cost of improvement in year 2006 if it is not capitalize in past years and no balance sheet is filed under income tax? whether the A.O can demand from us supporting documents for the same, as it is much older than 8 years?
27 February 2016
yes. AO can ask for the documents for improvement costs.
Message likes :
1 times
27 February 2016
but it is related to more than past 10 years & income tax demands to maintain books of accounts for 8 years only
27 February 2016
your house property is not a business asset and is not covered under books of accounts.
Message likes :
1 times
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- If there is Long term capital gain exists how much total income to be considered
- E Commerce GSTR1 & 3B how to file
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
