short term capital gain for a.y. 09-10

Tax queries 1380 views 8 replies

my friend sold his house(long term) and purchase within 8 months from the date of sale hos old house. he sold house for 8 lacs and purchase a house worth rs. 6.5 lacs. so 1.5 lacs can be taxed as short term capital gain? at what rate? please respond me.

Replies (8)

it is not short term capital gain

it is long term capital gain

it is taxed at 20% of LTCG

Mr. Hardik

In ur case, u ll get exemption u/s 54

and the balance wiill be taxable as ltcg @ 20%

bt u havnt given d Cost of Acquisition of old house, so first gv me d xact figures then i ll tell u d correct amount

Yes Sumit is correct. First cost of acquistion is needed to compute capital gain and deduction u/s 54

please tell the cost of acquisition and the year in which the house was purchased ... and was there any selling expense or cost of improvement ...... these details are needed to compute LTCG ...

 

 

Regards

Varun Makhija

Dear Hardik

Some information is required for calculation of tax LTCG. 8 months descripttion i.e. it lies in same FY if than which year or two different years. So detail of Period is required. Second is there any other income also. if it is only income than there is exemption.

what was the purchase value of the house and in which year it was purchased.......

let me know as in ur case there may not by any capital gain tax...........

we required purchases value and date of saled house and date of sold and date of purchases of new house and purchases and sale values then only we have to decide is it long term or short term capital gain and you may get exemption U/S 54

 no hardik

capital gain of Rs.1.5lacs shall be taxed @ 20% as LTCG..not as STCG

okieee


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