Huf tax excemtion

383 views 2 replies

sunitha02

Others

25 Points Posted on 14 March 2013

hia sir/madam,

i sold a huf property of my father (late) in december.

property purchased by my grandfather before 1980... and my dad got it as huf share. i took maket value of 1983.

now i told at 43 lakhs... after using the formula we got capital gains 40,50,000.

i am married so enjoy huf status where i got my share 10125000 in huf :: 253125 in ind . i took an hdfc life insurance of 1l in march month now how much tax i need to pay.... do i have this life insurance benifit, 2l slab for fy 2012-13.

please help me out

Replies (2)

Giridhar S Karandikar

Team Lead

7558 Points Posted on 14 March 2013

In your case as regards yur share yu either need to invest the capital gains in proprty & claim exemption u/s54 or invest the same in bonds issued by REC/NHAI with a lock-in of 3 eyars. Else the same would be taxable @ 20%.

If you are not able to invest the capital gains on or before the due date of filing teh return of income and you are planning to invest it in property then the CG need to be deposited int eh Capital Gains Account Deposit Scheme on or before due date of filing the retunr of income. AFter that you cn utilize the amt from teh deposit scheme to purchase the property. However if plan to invest in bonds then the same shud be invested within 6months fro teh date of sale. Tehre is no facility of depositing the CG in the deposit scheme and then invest the same in bonds.

sunitha02

Others

25 Points Posted on 14 March 2013

Originally posted by : Giridhar S Karandikar

dedeuction u/s 80c is not available with respect to any long term capital gain. The capital gains shud either be invested in bonds/properties etc.. s specified under the act and if balance capital gains remains then the same would be taxable @ 20%+E.Cess.

In your case as regards yur share yu either need to invest the capital gains in proprty & claim exemption u/s54 or invest the same in bonds issued by REC/NHAI with a lock-in of 3 eyars. Else the same would be taxable @ 20%.

If you are not able to invest the capital gains on or before the due date of filing teh return of income and you are planning to invest it in property then the CG need to be deposited int eh Capital Gains Account Deposit Scheme on or before due date of filing the retunr of income. AFter that you cn utilize the amt from teh deposit scheme to purchase the property. However if plan to invest in bonds then the same shud be invested within 6months fro teh date of sale. Tehre is no facility of depositing the CG in the deposit scheme and then invest the same in bonds.