Tax to be paid on sale of property

Hi,

Whether you have taken the exemption in return of income for section 54. If yes, then no tax will be required to be paid.

Can you please let us know whether you have filed return of income for FY 2016-17 or not? It will be crucial.

Capital Gain calculation is as under

Sales 55 Lakhs

Purchase cost 2000000*264/109 = 4844037

thus gain is 655963

now as you said you had invest in new flat of Rs. 20 lakhs then primarily you dont need to pay income tax on sale of flat but final conclusion depends on some more information,

i..e do you have other property (except sold house) date of purchase of new flat , your residential status

Hi

In this case, there would be no capital gain tax liability as the amount of capital gains are invested back in another house property. You can claim section 54 exemption.

File your income tax return to claim the exemption. We can help you in return filling.

Hello,

When exactly did you sell it in 2016-17 ??

Did you open a capital gain account and deposit the funds in the same or is it still lying with you in your savings account. If you have opened one and transferred the funds then NO Capital Gain Tax shall be payable by you but in case the funds are still lying with you then you were liable to pay capital gain taxes while filing the ITR for FY 2016-17 itself. Approx Capital Gain was Rs.850,000/-

Trust the above clarifies.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

When did you buy a new flat in the year 2017-18 ?

you have to purchase new residential property on or before due date of filling of return and if you also have other residential property in your name then you have to invest whole sales consideration i.e. Rs. 55 lakhs for tax saving.

For AY 2017-18 due dates for filling ITR is 05.08.2017 for non audit case and 07.11.2017 for Audit Case