Doubt - Income from house property

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A.Vn.Anusha

B.Com Qualified CA CS - Final

306 Points Posted on 12 March 2011

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.

Replies (3)

Pankaj Arora

Learner

3134 Points Posted on 12 March 2011

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....

Madhusudan Kabra

knowledge seeker

1779 Points Posted on 12 March 2011

Even exemption under 54EC can be availed

Regards

Madhusudan

A.Vn.Anusha

B.Com Qualified CA CS - Final

306 Points Posted on 13 March 2011

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.