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 ?
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 ?
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.
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 ...
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 ?
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
CAclubindia
