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Ltcg help required in delhi

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NISHANT

partner

25 Points Posted on 30 June 2014

Dear all,

i have a tax query regarding long term capital gains, request some member from delhi who can handle such matters to please get in touch..

i bought a residential flat for13,67,000 in 2003, in the present year want to sell the said resi flat..need advice on filing of return and such ancilary work..please get in touch..regards

Replies (6)

Mihir

Wealth Manager

5358 Points Posted on 30 June 2014

You will have to first compute long term capital gain, and invest the same in another property to save tax.

NISHANT

partner

25 Points Posted on 30 June 2014

Originally posted by : Mihir
	You will have to first compute long term capital gain, and invest the same in another property to save tax.

but i dont wish to invest the same,the ltcg is about 36 lakhs.

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 30 June 2014

if you dont wish to invest then you will be reqd to pay tax on ltcg @ 20%.

NISHANT

partner

25 Points Posted on 01 July 2014

Thanks mr singh but the ltcg has not yet been earned as the asset is yet to be transferred and ltcg booked,hence need advice on efficient tax planing.regards

Profit or gain on transfer of Capital asset is taxable in the year in which such transfer took place. you can save tax amount if you invest gain or net consideration on Investments specified u/s 54. otherwise you need to pay tax.

Tribhuvan Aditya Singh

Student as well as Self-employed

3853 Points Posted on 01 July 2014

if you want to save tax then you need to invest the whole amount of capital gain in purchase of another property. that way you will not have to pay any tax on capital gain.