I need few details on anchestral property sold :-
1)long term capital tax working
2)if flat / property purchased amount deductable u/s
3)expenses allowed
4)document required at time of filing income tax return
5)advance tax to be paid on capital gain @ rate
6)advance tax to be paid in installment or one go
7)if we donot utilise the amount then wht to do with the amount.
1) See this for calculating long term capital gain- https://taxadda.com/income-tax/capital-gain/computation-of-long-term-capital-gain-loss/
2) see this for deductions allowed - https://taxadda.com/income-tax/capital-gain/
3) Transfer expenses are allowed as deduction
4) No documents are required at the time of filing Income Tax Return, you need only details regarding transactions
5) Advance tax is to be paid according to tax calculated on total income by normal rates.
6) Advance tax to be paid on all instalments coming after the date of transfer of capital asset.
7) If you dont utilize the amount and want to use it in future for exemptions then you have to deposit such amount in Capital gain deposit scheme account, which is alike savings accounts in a bank.
Arvindkumar Maniar & Co.
Rajkot
CA
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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