Tax amount

Hello.

To calculate the amount of tax on such capital gain arising on sale of such property, we would need the date of acquisition and sale of the property, cost of acquisition of the property, cost of improvement, if any, and the full value of consideration for the property.  

If you are the sole owner of the property, then even if you receive the amount in name of three different family members, the tax liability on such capital gain would arise in your hands only.

I hope that this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

For Capital Gain Exemption, you can either invest the capital gain on sale of such property in another house property u/s. 54 or else you can invest the capital gain in specified NHAI/REC Bonds u/s. 54EC.

I hope that this answer satisfies your requirements. For further understanding or capital gain calculation, you can contact us directly at or take a phone consultation.

Regards,

CA Hunny Badlani

Dear Sir,

Hope you are doing well !!

Amount of capital gain would depend upon sale price, sale date, purchase price and purchase date.

Please share the details with us for exact capital gain calculation.

You can claim an exemption from LTCG, under section 54 of the income-tax Act if the LTCG is reinvested in a new residential property located in India within the specified time frames. Where the new property is purchased, the gain is required to be reinvested either within 1 year prior to sale date or 2 years after the sale date. Where the new property is constructed, the time period prescribed for the reinvestment is within 3 years from the date of sale of the original asset.

Alternatively and/or additionally, you can invest the capital gains of up to Rs 50 lakhs in bonds of NHAI or REC, within six months of its accrual and get the exemption u/s 54EC. Such bonds shall be redeemable after 5 years. Only interest received on such bonds shall be taxable. There would be no taxes on redemption after 5 years.

Please take a phone consultation for detailed discussion.

The tax amount does not depend on the money received – it depends on the gains earned by you out of the money received. 

You must compute the capital gains on the sale of flat.  If the house is held by you for more than 2 years, it is long term gain.  The capital gains would be sale price less the indexed cost of acquisition.  Indexation is a cost inflation index which is notified by the Govt. It is done to adjust for inflation over the years. This increases one’s cost base and lowers the capital gains. Capital gains = sale price -  indexed cost of acquisition – any other expenses incurred for executing sale. You can add the registration cost to your purchase price and claim deduction for computing capital gains. The indexation are notified values and you need to consider the same for the year you acquired the house and sale the house.

Having money in different bank account does not mean that you have not earned that income.  You can reduce the tax liability by investing in another house property or tax saving bonds.

Hi

Please share the details of acquisition of flat. When was the property purchased and what was the cost of acquisition. Then only capital gain tax can be calculated.

One all the details are known, we may decide on optimum ways to save taxes.

It's advisable to talk on one-to-one basis by way of phone consultation.

Amount of tax you need to pay would depend on what was your cost of purchase of such property.

When it was purchased?

It will not be an issue from whose account buyer paid you the amount till the same is mentioned in the sale deed.

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

Thank you.

You can get a phone consultation if you need more personal solution.

Hii 

You had shared sale amount of flat that is Rs. 7.5 Lakhs

Plz also share purchase value of flat along with date of purchase 

plz also share your other income details 

after that I am able to share with you taxable income and respective tax amount