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Doubt - Income from house property


A.Vn.Anusha (B.Com Qualified CA CS - Final)     12 March 2011

A.Vn.Anusha
B.Com Qualified CA CS - Final 
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Hi frnds,

I have a doubt in respect of income from house property. The details of the case are - Mrs. X has a house property in chennai, which she has received from her mother after 15 yrs of marriage by way of a will. Mrs. X is a PAN card holder. She subsequently sold dis house property to a builder for which she received consideration. (Mrs.X does not have any other source of income and Mr.X's income is lesser than the basic exemption limit) The builder demolished dis house and consructed a flat of which one portion was given to Mrs.X . The IT dept has levied a tax of about 47,000/- on this transaction. Whether any tax planning is possible in dis regard? Is the IT dept correct in leving the tax?

Please help me out.

Thanks in advance.

Pankaj Arora

Pankaj Arora (Learner)     12 March 2011

Pankaj Arora
Learner 
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you did not mention that at which amount she sold the property but i assume that IT dept has levied correct tax in your case......

i am not not sure of calcuation of 47000/- because you did not mention sold property price...

you can invest LTCG U/s 54 in purchasing new house... within two years or within 3 years of contruction or deposit this LTCG in capital account scheme of any nationalized bank before due date of filing ITR....

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Madhusudan Kabra

Madhusudan Kabra (knowledge seeker)     12 March 2011

Madhusudan Kabra
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Even exemption under 54EC can be availed

 

 

 

 

Regards

Madhusudan

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A.Vn.Anusha

A.Vn.Anusha (B.Com Qualified CA CS - Final)     13 March 2011

A.Vn.Anusha
B.Com Qualified CA CS - Final 
 55 likes  306 points

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Thank U, pankaj and madhusudan...

If the said land has been acquired by the Govt and the payer deducted TDS @ 10% u/s 194L, can the said amount be claimed as refund? Cos it has been notified that 194L deduction cannot be made for the payments on or after 01.06.2000.


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