Will ltcg now stands reversed, if yes stcg will nullify?

Mainly long term capital gain tax of about 5 lakhs required to be paid as condition of section 54 not satisfied. For short term, it will be mostly absorbed in basic exemption limit so not big burden. Advised to file return with the paid up tax liability, to save from future trouble.

dheerajbhai,

so there will be two calculations?

ltcg amount , tax to be paid on 23 lacs approx @ 20%

stcg amount however since i am unemployed it will be exempt

i was under impression that i have to deduct ltcg from cost of aquisation and then pay tax on balance amount which comes to about 24 lacs

Interpretation of both is same, there is no difference, just for your clarification: 25L minus (78K*939/351) = app 23L LTCG

What different deduction you have in mind?

Tax @ 20.6% would be around 4.75L

yes 

dhirajbhai,

as under

LTCG of old house -2324076

Cost of new house- 3000123

(including club house + developmet chgs and service tax on it as it was underconstruction , apart from stamp +reg chgs paid and service tax, not including maintainence charges for 2 1/2 years charged in advance)

adj cost =3000123-2324076= 676047

net sale of new house :3150000

Total STCG =3150000-676047=2473953

tax payable on 2473953 @ 30℅= 584200

hope above is in order

the other issue is i did not declare ltcg o fy 2013-14 in sunsequent itr filing any remedy

thankyou

Not correct method. Short term gains is just total receipts of new flat i.e. 31.5L less all the payments made till date over the flat including club house, developmet chgs and service tax on it as it was underconstruction, stamp +reg chgs paid and service tax etc. etc. means almost NIL gains.

Now, upto the basic limit the L T gains will be adjusted and over and above that it will be taxable.

Finally, once again, advise you to take help of any local CA/tax consultant for the filling of the ITR, to avoid future litigations.

thanx dheerajbhai will consult local ca definately

tax @ 20.6 or 30℅

Long term capital gain is taxed at 20% (i.e. with cess 20.6%). You will not fall in the slab of 30% as per above data.

Ohk. Sir, this means that whatever property transaction I did after selling will be null and void and I just have to pay tax on ltcg.

1) will I have to pay the tax as advance tax

2)or along with normal ITR in AY 2016-17

Now the question is will I have to pay penalty as in AY 2014-15 ltcg gain was not declared. 

Also the proceeds from old house was deposited in bank account wherein my wife was first holder and myself second holder. Old house was in my name singly. Is that important from tax purview

Thanks

dhiraj bhai i have conuslted local CA who calculated tax exactlg as u did. thank u

however he told me i have to pay penalty (on tax payable on LTCG ) from july quarter till next date that isdecember.

is that correct

dhiraj bhai i have conuslted local CA who calculated tax exactlg as u did. thank u

however he told me i have to pay penalty (on tax payable on LTCG ) from july quarter till next date that isdecember.

is that correct

He is correct as per the law.

ok sir, however on LTCG of rs 2303585 (he took stamp paper and reg charges in calculataion of purchase price of old house) he has arrived tax figure as rs 474539

but when i crossed checked with income tax website calculator it is displaying different figure as under.

capital gains 2303585

LTCG @ 20℅= 410717

edu cess  8214

sec nd high ed cess 4107

asessed tax 423038

is there some error in calculator as if we take 20% then it should be 460717 and not 410717.

also penalty applicable will be 1% for each quartr.i.e 2% . and is it calculated on total tax liability or amount not paid in these 2 quarters.

thnx