Xxxxxxxxxxx

This query is : Resolved

Sachin Kumar (Querist)
Follow

05 May 2023 We are family of 3 brothers and mother. My father (expired in February 2017) purchased one flat in June 2016 and after death of father , 3 brothers gifted their portion to mother via gift deed and flat got transferred in my mothers name. My mother , 58 yrs , has sold a society flat in December 2022 for 35 lacs. Purchase Price was 20 lacs , stamp duty 1.4 Lacs , registration fees 10K. Long term capital gain is coming as Rs. 804356 (35 lacs - 21.50 lacs/264*331).

__the calculation of capital gain is correct ?

__ we want to save long term capital gain , basic exemption limit for FY 2022-23 is Rs. 2.5 Lakh , balance Rs 554356 if we invest in capital gain bond , the we will be able to save capital gain tax ?

__does capital gain is applicable in this case as flat got transferred in my mother name from father ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 May 2023 1. Yes. correct
2. Yes. eligible if invested before June, 2023.
3. Yes, as mother is 100% owner of the flat when sold.

Message likes : 1 times

Sachin Kumar

Sachin Kumar (Querist)
Follow

05 May 2023 @Dhirajlal Sir,

1.... capital gain is calculated at flat rate @20% , amount of deduction under 80C , 80D cannot be reduced from capital gain income ?
2.....can we withdraw amount before maturity which is invested in capital gain bond ?

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 May 2023 1. You are absolutely correct. Only long term loss from any other asset can be set off with the LTCG.
2. No, lock in period of 5 years. Alternatively, it can be invested u/s. 54 for 3 years lock in period.

Message likes : 1 times

Sachin Kumar

Sachin Kumar (Querist)
Follow

05 May 2023 sir , I did not get , how amount can be invested in capital gain bonds for 3 yrs under section 54 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 May 2023 Section 54 is investment in house property.
Investment in house property for amount equal or greater than LTCG for 3 years is eligible for the deduction. Be it with any other co-owner ...

Message likes : 1 times

Sachin Kumar

Sachin Kumar (Querist)
Follow

06 May 2023 I donot want to do investment in house property , I want to purchase capital gain bond , please suggest some private broker through I can purchase capital gain bond ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

06 May 2023 https://profitsolo.com/nhai-capital-gain-bonds-application-form-nhai-capital-gain-bonds-interest-rate-online/#:~:text=How%20to%20Buy%20NHAI%20Capital%20Gain%20Bonds%20Online%3F,hold%20bonds%20in...%20Document%20Upload%20You%20can%20

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

Prashant Kotecha

Subbiah S

Aishwarya N

CA Bijo scaria

Subscribe Now

Xxxxxxxxxxx

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

Article Assistant

GST CONSULTANCY