Hi, I have 2 questions, one I want to know the Capital gain calculation for my case & second qs(with 3 parts A,B, C) is related to CGAS account and submitting IT return with those details. Qs. 1) Please show me the Capital Gains Calculation for my case, details below Cost of Flat Purchased(around 2008): 6,10,000 Time when I got Possession: September 2012 Time of Deed Registration: Jan2013 Registration Charges and Stamp Duty: 47,028 Advance Maintenance Charges Taken by Builder before possession: 28,630 Maintenance Charges Paid on June2015: 17191 Time when Property Sold: 12th May2016 Brokerage paid for Selling: 25,000 Sale Value: 23,00,000 Qs 2) Since I haven't decided on new property yet, I know I must open a CGAS account within 31st July 2017(which is last date for filing return for the year 2016-17 during which Flat was sold) to save on the Capital gains tax. I have already applied for the Capital gain account(14 lacs on my own calculation) with IDFC and my cheque has also cleared and bank account debited but still to receive the details, passbook etc. of my CGAS account from them. My Qs is A) if say I am able to open the CGAS account within 31st July 2017 but not able to submit my IT return(for financial year 2016-17) within 31st July 2017 but gets a few days late, so will there be any problem or will that attract any Capital gains tax? B)Also do I need to mention full calculation of the Capital gain amount while submitting my Return for financial year 2016-17(Ass yr 2017-18)? C) Also what proof of CGAS account I need to submit with my Return? Thanks
Hi,
1. Please let us know the date on which you receive the allotment letter from the builder.
With respect to another questions
A. I need to check this
B. Yes, you need to mention the full calculation.
C. You need to give the amount of money deposited in your CAGS account.
Please feel free to call/ revert in case you need more clarity
Hello,
1. No problem if the return is delayed.
2. Yes, the entire transaction as well as the investment details are to be filled.
3. No proof just the details are to be mentioned.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Please show me the Capital Gains Calculation! The Allotment Letter was sent to me around 2008(after only 60,000 was paid), but the final payment was made just before possession on September 2012. As per my info, I need to take total cost and take Indexed cost based on time of possession/Registration, right? It would be great if you show me the calculation for my Capital gains.
Yes ,you need to take total purchase cost and index it from 2008.
Also add registration charges and stamp duty and index it from the year of registration. Total of above two costs will be indexed cost of acquisition.
Advance maintenance and maintenance are not eligible for cost of acquisitions
You sale consideration would be 23 lacs minus 50000.
Lastly, deduct indexed cost of acquisition from 22.5 lacs (sale consideration) to arrive at capital gain value.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
There is no issue if the return is delayed by a few days; interest under section 234A may be levied.
You will have to enter all the details of the transaction, including sale consideration, in your return.
You need not attach any proof of CGAS account. You will have to enter the details in the return.
Your calculation of approximately Rs. 14 lakhs being your capital gain is correct.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Hello Sir,
Please consult a professional to do the calculations for you. It is a time consuming act. Hope you will understand our concern.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP