Calculation of LTCG and valuation of the sold property

Hi

1. If you had not claimed any deductions for payment of stamp duty and other charges in the year of purchase, you may capitalize them and it will form part of the cost of acquisition.

2. No need for valuation.

3. 34 lacs less indexed cost of acquisition (COA as calculated in 1 indexed upto the year of sale) shall give the amount of capital gains. LTCG is chargeable @ 20%.

4. It will be shown under LTCG. The indeed COA and sales consideration shall also be reported in the ITR.

Send us the details of stamp duty and other costs to calculate the capital gain.

Dear Sir,

1. It should be amount mentioned in the agreement for sale plus stamp duty and registration charges as well provided the deduction for stamp duty and registration charges were not claimed in year of purchase.

2. It is sufficient. No requirement of valuation report.

3.  The amount of capital gain will be around rs. 18.50 lakh. (Without considering other charges). For exact calculation, please share the details of  stamp duty and registration charges or any other cost.

LTCG tax@ 20% will be levied on the same.

4. LTCG schedule - you need to mention the sales consideration, Indexed cost of acquisition, expenses on transfer & Capital gain amount in the ITR. 

Actual consideration, since more than the stamp duty value, shall be considered.

Tax needs to be paid before return filing. But, looking at the amount of tax, advance tax provisions shall be applicable. So, proportionate payment of advance tax was payable by 15th December. You can pay now to avoid interest for non payment of advance tax.

Yes, you can use the money elsewhere.

Hi,

- Price will be considered as per agreement for sale plus stamp duty plus registration charges plus brokerage (if any paid). Ensure that you had not claimed benefit of stamp duty and registration charges previously in the year of purchase.Brokerage paid at the time of sale will be deducted from sale consideration.

- As the property is purchased in the year 2006-07 therefore there is no need of valuation of the property.   

- LTCG would be Rs.18,50,820 and tax would be Rs.3,84,970/-. You were required to pay by 15.12.2018 atleast 75% of Rs.3,84,970/-. Now you should pay entire tax before 15.03.2018 alongwith interest of Rs.8,660/- i.e. total payment of Rs.3,93,630/-

- In ITR, you need to mention the entire transaction under Schedule Capital Gain.

- Value mentioned in the registered sale deed will be considered.

- Last date is 15.03.2018 to avoid further interest.

- Yes you can use it.

Thanks

Dear Sir,

Hope you are doing well !!

1.The amount mentioned as price in the agreement for sale plus stamp duty and registration charges as well.

(Assuming you have not claimed deduction of  stamp duty & registration charges).

2.There is no need of property valuation report.

3. The long term capital gain tax amount would be Rs. ~3.85 lakh. Pay the entire tax amount on or before 15.03.2018 with interest.

4. Mention all details under capital gain schedule in ITR.

Thanks & Regards,

Payal Chhajed

5. The actual price mentioned in agreement for sale is applicable for LTCG calculation.

6. On or before 15.03.2018.

7. Yes, you can use as per your requirement.

The sale consideration for the purpose of Capital gain would be sale consideration or market value whichever is higher. In your case it would be 34 lakh and cost would be the amount mentioned in the purchase agreement and not market price if the purchase is after 2001-02.

If the ltcg tax is above 10000 then it's recommended to pay advance tax for Dec and march month.

Yes you can use it in any way but if you are going to invest it then use it to save your tax by investing in residential property or bonds u/s 54EC and save tax.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

5. The actual price mentioned in agreement for sale.

6. Pay the entire tax till 15th march 2018.

7. Yes, you can.

Hi

1.Price will be as per sale agreement.

2.No valuation required.

3.Your capital gain tax will come to aprox 3.85 lacs.you have to pay it latest by 15.03.2019. Advance tax provision attracts payment of atleast 75% of tax amount by 15.dec.2018.

Value mentioned in sale deed will be considered.

Yes you can use the proceeds the way you wish.

Hope it helps

Market value mentioned by registrar is nothing but the circle rate. It is the guiding rate given by government. Stamp duty is payable on registration value which cant be lower than circle rates. 

Registration price is applicable for LTCG calculation. You are supposed to pay tax while filing return. Considering you are salaried employee. You will file return by july 2019. Thus till than you can use money the way you want.

Market value mentioned by registrar is nothing but the circle rate. It is the guiding rate given by government. Stamp duty is payable on registration value which cant be lower than circle rates. 

Registration price is applicable for LTCG calculation(Stamp Value is taken as the price of Property for Income Tax). You are supposed to pay tax while filing return. Considering you are salaried employee. You will file return by july 2019. Thus till than you can use money the way you want.

Market value mentioned by registrar is nothing but the circle rate. It is the guiding rate given by government. Stamp duty is payable on registration value which cant be lower than circle rates. 

Registration price is applicable for LTCG calculation(Stamp Value is taken as the price of Property for Income Tax). You are supposed to pay tax while filing return. Considering you are salaried employee. You will file return by july 2019. Thus till than you can use money the way you want.