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Capital gain
property received in ancestoral and want to sell today.. capital gain arising or not
Replies (12)
capital gain will arise in the year in which transfer tooks place
Yes sir Capital Gain arises.
Cost of acquisition will be cost prevailing as on 1-4-2001 + indexation.
Sale consideration minus indexed cost will be your LTCG
Cost of acquisition will be cost prevailing as on 1-4-2001 + indexation.
Sale consideration minus indexed cost will be your LTCG
surely capital gains will arise
how to save tax on sale of such property
Benefit of section 54 or 54F and section 54EC can be taken to save tax on sale of such property.
Benefit available
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Yes capital gain is arises.
Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain
Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain
yes capital gains will arise .... and deduction u/s 54 54F and 54EC is allowed
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LTCG capital gain is arises. Tax calculated on Sell consideration minus Indexed cost of Acquisition then Tax on Long Term Capital Gain. Exemption u/s. 54/F/EC can be availed. |
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Cost of acquisition will be the cost paid by the previous owner and need to indexed if it LT
Benefit available is based on type of ancestral property ---
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Under 54 - on sale of residential property and re-investing into residential property
Under 54F - sale of non-residential property and investing into new residential property (provided you are not owing any house)
Under 54EC - Sale of residential property and investing into Capital Gain bonds of NHAI REC upto a maximum of 50 lakhs.
Sale Consideration
less:
Indexed cost of acquisition
less:
any expenses incurred
LTCG
apply Provisions of sec 54 F
there is a transfer of new purchased residential house or a new house property .
the capital gains will be exempted if it is within a period 3 years.
exemption from nhai bonds will be given if it is invested within a period of 3 years.(Sec 54EC)
less:
Indexed cost of acquisition
less:
any expenses incurred
LTCG
apply Provisions of sec 54 F
there is a transfer of new purchased residential house or a new house property .
the capital gains will be exempted if it is within a period 3 years.
exemption from nhai bonds will be given if it is invested within a period of 3 years.(Sec 54EC)
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