How is capital gain tax calculated ?
31-Dec-2023 (In Tax Law)
AS NOMINEE UNDER WILL WE HAVE SOLD OUR PROPERTY IN APRIL 2017 PURCHASED BY OUR FATHER IN 1969 ...AS PER NEW LAW THE INDEXING COST IS TO BE DONE WITH BASE OF 2001 PRICING. SO IN 2001 THE VALUE OF OUR HOUSE WAS AROUND 15 LAKH AND WE HAVE SOLD IT FOR 1.65 CRORE IN APRIL 2017. WHAT WOULD BE OUR CAPITAL GAIN AND HOW TO SAVE IT ? i MAY ADD THAT WE HAVE PURCHASED A FLAT IN 8/2017 FOR 65 LAKH OUT OF THE SALE PROCEED. THANKS
sir you will have to pay TDS and the same will be reimbursed since you have also purchased a new property. Capital gains will not be attracted in you case and on TDS would be deducted at 10% of the cost
for calculation of capital gain first needed to apply indexation in purchase/acquired value and you need to subtract from sale value and balance amount you have invested in capital gain amount. for further details you need to supply copy of registry you sold.
Yes, you can take the benefit of the flat which is purchased in 08/2017 for rs 65 lakhs. in flat calculation your capital gain is Rs. 85 lakhs but you may reduce this gain by sharing natur of sold property in details.
Dear Sir,
Greetings to you of the new year.
Sir your query is regarding tax saving purposes and also calculation of the same and for the same I would suggest that you consult a chartered accountant and for valuation purposes a certified valuer for the same.
And in case you don’t fine one please do not hesitate to write to me.
Regards,
Vaibhav Singh
Greetings to you of the new year.
Sir your query is regarding tax saving purposes and also calculation of the same and for the same I would suggest that you consult a chartered accountant and for valuation purposes a certified valuer for the same.
And in case you don’t fine one please do not hesitate to write to me.
Regards,
Vaibhav Singh
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