Hi,
We had bought a house on my mother and my name jointly, in 2001 and sold it in May 2010. From the proceeds, we purchased another house on our joint names in July 2010. As per the indexed costs, there is no capital gain from this entire transaction.
The query I have is whether I need to file tax returns on my mother's name for this transaction. There is nothing else to declare for my mother. Is it necessary to file only this transaction. Please advise.
Thanks,
Vinod
I think it is not mandatory fr her to file a return u/s 139(1) coz her total income does not exceed the max amount not chargable to tax.....
Wait fr experts to answer!!
Hello
1) How much you paid while purchasing
2) For how much you sold in may 2010.
3) How much again you paid in July 2010 while purchase....
Thanks for your replies.
Dear Balu,
The purchase price in 2001 was 8.8 lakhs and the sale price in 2010 was 35 lacs. From this 35 lacs, we bought the new property for 29 lacs.
Thanks,
Vinod
The purchase price in 2001 was 8.8 lakhs and the sale price in 2010 was 35 lacs.
From this 35 lacs, we bought the new property for 29 lacs.
Please, better file Income Tax returns even if Income below Taxable Limit.
As the Sale consideration of property is more than Rs. 30 lacs., most probably you will also get query from the ITO.
Now if invested the said proceeds in new HP, do not claim any exemption if GTI including LTCG is less than exemption Limit, as you will have no conditions to follow later.
I agree with views of Rishab Sir
u sold ur house and purchase another house so that u can claim exemption under 54.
u donot require bother about on this.
it is better to file return .
CAclubindia
