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Capital gains
how to compute short term gain tax when i have to transfer my share of plots to the partnership firm of which iam also partner?
it wud be amount recorded in the books of the firm less the cost of acquisition.
section 54 f, 80 c and 24 b can these rebates be claimed simultaneously.
as it's short term capital gains no exemption can be claimed under 54f.
plot purchase 2006 and sold in sept 2017. newly constructed house purchased November 2016 on loan from nationalised bank. can i claim sec. 54 f, 80 c and 24 b.
yes you can claim. if house is under construction you can't claim interest now until construction is completed
house is occupied. house in joint name and also loan.total of 80c and 24b = 3.5 lakhs. total claimable amt is 3.5 lakhs x 2 = 7 lakhs or 3.5 lakhs ÷ 2 × 2 = 3.5 lakhs. please clear my doubts.
if your both share us equal and the total loan availed is 3.5 lacs then each one can claim 1.75 lacs I.e. 3.5/2
Thank you sir.
you are most welcome
WE ARE THE 4 PARTNERS PURCHASED A PIECE OF LAND TOGETHER ON THE SAME PURCHASE DEED. ...WE DEVELOP LAND / CONSTRUCTION ISOUR BUSINESS. ARE WE INDIVIDUALLY /PERSONALLY LIABLE FOR CAPITAL GAINS TAX? IF YES THEN HOW WHAT SHOULD BE OUR BALANCESHEET LOOK? PLZ ADVISE .
why are you required to purchase the land in partners name. why don't u you take it in the firm name and show as purchase.
we have purchased together 1st & later formed the firm...
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