Capital Gain

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42 Points Posted on 27 October 2010
Dear Sir,
 
My name is Shariq Zafar. I am from Kanpur. I am a business man & my query is as follows; 
 
I have purchased a property in Nov-2003 in joint name. my share was 40% which cost Rs. 1896012.00 & the same I have sold out in Nov-2009 with my share value of Rs. 2201200.00 (Sale consideration) but at that time it's present market value was Rs. 6248880.00 Pls tell me weither It will cover under Capital Gain Tax or Not.
If yes how capital gain tax will be calculated (Pls describe me with illustration)
If there is any chance to save the Capital Gain Tax. (Pls provide me the complete procedure in detail.)
 
Sir, Pls give me your valuable reply on above by e-mail, I shall be highly obliged.
 
Thanks.
 
Best Regards.
 
Shariq
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On 27 October 2010 at 22:19 Report
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Accountant
611 Points Posted on 27 October 2010

pls let us know whether the sale of the property is it your (nature) business asset or capital asset.

Assuming it is a capital asset s.2(14)..it is liable for capital gains tax as per s.45

Pls check with stamp duty valuation. As 50C will be invoked.

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On 27 October 2010 at 22:26
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Accountant
611 Points Posted on 27 October 2010

 

Pls also post whether the property is residential or just a plot of land.

because for planning investment their is two sections i.e. 

54 & 54F

As S.54 can be availed by selling of residential properties & reinvesting the proceeds of residential properties alone.

Were as S.54F can be availed by selling(other than of residential property's) & reinvesting the proceeds in eligible assets.

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On 27 October 2010 at 22:35

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