banner_ad

Ltcg of sale of second home

Others 300 views 1 replies

Sir, 

1. If we sell a second home, after 5 years of purchase, hope the tax rebates (principal / interest) enjoyed will not be reverted.

2. If cost price during purchase before 5 years = 60 Lakhs (registered value of the deed) ;  CII : 280 / 220 = 1.27 ;  Indexed cost = 60*1.27= 76 Lakhs;

     If Selling Price : 80 Lacs >> LTCG = 80L-76L = 4 Lakhs.

     a) Is LTCG tax applicable is 20% on 4 Lakhs? 

     b) If the assessor is in 30% slab, Still LTCG applicable is 20%

     c) If the assessor pays 20% tax on 4 Lakhs =  80,000, Then is he free to invest the sale proceedings 79.2L (80L-80K) or

         he need to invest this amount in buying next house / Govt. Bonds for saving tax only.

     d) Should we mention this entire corpus(79.2L) as income, and where to declare in return.

     f) If the above corpus(79.2L) is invested in FD/POMIS etc., hope only the interest earned attracts tax.

Replies (1)

a. Yes.

b. Yes

c. Yes, or no need.

d. u/h (LT) capital Gains schedule.

e. Correct.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details