सर हमने 1991 मे एक जमीन 1562376 मे खरीदी ओर फिर उसको 2017 मे जमीन को 6952000 मे बेच दी फिर 2018 मे 5500000 एसबीआई कैपिटल गैन स्कीम मे जमा करवा दिये । जुलाई 2020 मे एक रेज़िडेन्शियल होम खरीदा 3200000 मे अपनी बेटी से । कृपया हुमे बताइये की मेरा कैपिटल गैन कितना था ओर बाकी अभी जो पैसा बचा है अभी कैपिटल गैन अकाउंट मे वो कैसे सैटल करे । लास्ट इयर क आईटीआर का डिटेल्स है ओर कैपिटल गैन का कैलक्युलेशन डिटेल्स भी है कृपया बताए
please tell me how to settle the amount without paying the tax to government . if i want to pay the tax on remaining amount then the tax amount will ....... how huch
Hi,
In order to answer your questions, we will need the stamp duty value/ fair market value of the property as on 1.4.2001. Also share the months if purchase and sale along with the years
Please share the same so that we can calculate the capital gain
Dear Sir,
Hope you are doing well !!
As the date of acquisition falls prior to 1 April 2001, you have a choice to consider the Fair Market Value (FMV) of the property as on 1 April 2001 as your acquisition cost.
It is advisable to get the FMV/ valuation of the property as on 01.04.2001 done from the registered valuer.
Government-approved valuers follow a standard process for the valuation and provide a detailed report.
“Assumptions of any type for consideration of value shall not be entertained by the income tax department. In case of any enquiry, the department will consider the value stated in the valuation report from a registered valuer,"
We can help you in getting the FMV of the property as on 1.4.2001
-Amount of capital gain would depend upon sale price, sale date, purchase price and purchase date by you. Please share the details with us for exact capital gain calculation.
-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.
-If you do not get a chance to invest in a profitable property immediately and still want to save your long-term gains from being taxed, you can invest your capital gains in CGDAS by approaching any public sector bank. The timeframe for the purchase or construction of the property remains unchanged in this case as well. But you can utilise this account momentarily so that you save your gains from being taxed and have more time to finalise a property for reinvestment.
It is required to deposit such unutilised capital gain in the capital gains account before furnishing return of income but not beyond due date for furnishing return of income.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.
Hello,
Regarding the capital gain amount,
Since the property was acquired before 1st April 2001, you can consider the FMV of the property as on 1st April 2001 as the cost of acquisition of the property. This cost would then be indexed until the year of sale. The net figure of the sale consideration and the indexed cost of acquisition was your Long Term Capital Gain taxable at 20% plus cess.
To claim full exemption, you were required to invest the whole of the sale proceeds in a residential property. Therefore, to claim full exemption, you are required to invest the remaining amount in the Capital Gain account in a residential property.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
To calculate the tax amount, one would need the FMV of the property as on 1st April 2001 to be considered as the cost of acquisition of the property.
- Please share FMV as on 01.04.2001 to calculate capital gain amount.
Dear Sir / Madam this is the statement of long term capital gain filled by local Income tax Lawyer / CA ---------------------------------------- indexed cost / year 1562376 .00 / 27/05/1991 ------------------------------- sales price / year 6952000.00 / 2017-2018 ---------------------------------------------------------------------- full value of the consideration received / receivable = 6900000.00 ------------------------------------------------- cost = 574403*(272/100)= 1562376 we hace invested 55 lacs in SBI capital Gain Account and we have purchased a house property by our sister in 33 lacs in july 2020 . rest amount is in the SBI CGA so please tell me how to release this amount or utilize this or if i wanna pay tax on remaining amount then how much tax will be charged on the remaining amount
Based on the above information your capital gain was 6952000 less 1562376 i.e. 5389624 and you invested 55 lakh which was not enough as you were claiming exemption u/s 54F and not section 54.
Thus, you were required to pay capital gain on remaining 11.31 lakh in the year of sale itself.
It is a bit complicated and I would suggest you to have a phone consultation to discuss everything in detail.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi
Here you can take benefit of section 54 F
Provisions of section 54F of the Income Tax Act provides exemption towards long term capital gain (other than a residential house) when the amount is invested in purchasing or constructing a new residential house property
Hi
Calculation of long term capital gains is sales consideration less cost of transfer less indexed cost of acquisition less indexed cost of improvement.
In your case capital gain was rs. 6952000 less rs. 1562376 i.e. rs. 5389624
Any Gain arising to an individual or HUF from the sale of any Long Term Asset other than Residential Property shall be exempt in full, if the entire net sales consideration is invested in
In case the whole sale consideration is not invested and only a part of the sale consideration is invested, exemption shall be allowed proportionately i.e.
Amount Exempt = Capital Gain X Amount Invested net Sale Consideration.
Hi
For detail discussion please have a phone consultation.
Hi
If the capital gains were calculated in FY 17-18 at around 54 lacs and you have invested only 33 lacs, the remaining capital gains shall be taxable in FY 20-21 on a proportionate basis.
Kindly contact personally for detailed calculation.
Please note that in order to claim exemption, you need to invest the capital gain amount if a house property is sold. However, in case of sale of a land, entire sales consideration needs to be invested.
To claim full exemption the entire sale receipts have to be invested.
In case entire sale receipts are not invested, the exemption is allowed proportionately.
[Exemption = Cost the new house x Capital Gains/Sale Receipts]
It is advisable to take a phone consultation for detailed discussion.