if client has sold the house and haven't purchased new one until the filing of itr for that year,
purchased after filing but before completion of one year)
what is the tax implications
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54 capital gain
Replies (4)
Quick Summary
Taxable capital gain . pay tax
nature of security
stt paid or not
pls disclose.
nature of security
stt paid or not
pls disclose.
Capital gain on sale of house will be arises.. yes it will be taxable under capital gain head
If the assessee have sold the house and cg arises to get exemption on cg have to purchase a house within 2 year ,,, meanwhile the assessee have to deposit the cg amount in capital gain saving account before the due date of filing the itr and can claim the exemption, in case assessee failed to utilized the cg amount within 2 year than have to pay tax on the capital gain while closing the capital gain saving account
THE ASSESSE HAS TWO OPTIONS AVAILABLE
A) INVEST IN CAPITAL GAIN BOND OF CATEGORICAL INVESTMENTS
B) invest in infrastructure bonds
C) Invest in house property within the relevant time period.
A) INVEST IN CAPITAL GAIN BOND OF CATEGORICAL INVESTMENTS
B) invest in infrastructure bonds
C) Invest in house property within the relevant time period.
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