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Capital gains

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shaikh sajeed

shaikh sajeed (Associate) (150 Points)
Replied 26 September 2017

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?


Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 26 September 2017

it wud be amount recorded in the books of the firm less the cost of acquisition.

Philip Mathew

Philip Mathew (113 Points)
Replied 26 September 2017

section 54 f, 80 c and 24 b can these rebates be claimed simultaneously.

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 26 September 2017

as it's short term capital gains no exemption can be claimed under 54f.

Philip Mathew

Philip Mathew (113 Points)
Replied 26 September 2017

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.



Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 26 September 2017

yes you can claim. if house is under construction you can't claim interest now until construction is completed

Philip Mathew

Philip Mathew (113 Points)
Replied 26 September 2017

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.

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 26 September 2017

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

Philip Mathew

Philip Mathew (113 Points)
Replied 26 September 2017

Thank you sir.

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 26 September 2017

you are most welcome



shaikh sajeed

shaikh sajeed (Associate) (150 Points)
Replied 26 September 2017

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 .

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 27 September 2017

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.

shaikh sajeed

shaikh sajeed (Associate) (150 Points)
Replied 27 September 2017

we have purchased together 1st & later formed the firm...


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