I want to sale my own house , whether it attract capital gain tax.? what is the tax saving remedies.
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my own house want to sale ,whether it attract Capital gain ?
Replies (2)
It will. To get exemption, it should be a longterm capital asset (held for more than 36 months), the sale proceeds of which is invested, atleast to the extent of capital gain, in purchase of new residential property within a period of one year before the sale or two years after the sale or consruct a residential house within three years of sale and retain the new property at least three years from the date of acquisition.
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S No.
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Section
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54
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1
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Kind of asset transferred
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Long-Term Capital Asset being House Property used for residential purpose
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2
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Eligible Assessees
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Individual & HUF
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3
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Condition of period of holding original Asset
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3 Years
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4
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Condition of utilization of consideration
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Purchase of Residential Housewithin 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from the date of transfer
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5
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Exempt Amount
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The amount of gainor, the cost of new asset, whichever is less
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6
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Other requirements
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See Notes 1, 2 & 4
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Part II
| S No. | Section | 54F | 54G | 54GA |
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1
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Kind of asset transferred
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Any long-term capital asset other then residential house
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Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
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Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
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2
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Eligible Assessees
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Individual & HUF
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ALL
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ALL
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3
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Condition of period of holding original Asset
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1 Year for Shares, Listed Securities, Units of UTI/Mutual Fund specified u/s 10(23D), Zero-coupon bonds, 3 years for other capital assets
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No period specified
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No period specified
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4
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Condition of utilization of consideration
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Purchase of Residential House within 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from date of transfer
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Acquire similarassets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer
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Acquire similar assets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer.
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5
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Exempt Amount
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Refer Note No. 5
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The amount of gain or the aggregate cost of new asset, and shifting expenses, whichever is lower
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The amount of gain or the aggregate cost of new asset, and shifting expenses, whichever is lower.
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6
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Other requirements
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Must not own morethan 1 residential house other than the new asset on the date of transfer of original asset; See Notes 2, 3, 4
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Must have been shifted to non urban area; See Notes 1 & 2
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Must have been shifted to Special Economic Zone; See Notes 1 & 2
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