long term capital gain earned in AY 17-18, exempted by investing in Capital Gains Account Scheme. Later, if not utilized within prescribed period, which indexation base to be used for calculating capital gain? And will there be any interest on this tax??
Is there any condition as to number of owning residential house properties to avail the exemption on date of purchase of new house property?
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"Long term capital gain earned in AY 17-18, exempted by investing in Capital Gains Account Scheme. Later, if not utilized within prescribed period, (within 2/3 years from transfer of original aset) which indexation base to be used for calculating capital gain?"
Ans. Same as that of the year in which original asset got transferred.
"And will there be any interest on this tax??"
Ans, No. But the interest earned from the CGAS account is taxaable.
"Is there any condition as to number of owning residential house properties to avail the exemption on date of purchase of new house property?"
Ans: Yes. Depends upon the section under which the exemption claimed, while sell of the original asset.
I need to know indexation for base year as new indexation base year is 2001-02 and previously it was 1981-82
Follow ............ cost-inflation-index
Taxpayer can claim benefit under Section 54 of the Income Tax Act for one residential house property purchased or constructed in India only. If a taxpayer is involved in more than 1 such transaction during his/her lifetime, the benefit will be available for one of the transaction only.
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