Tax questions on Capital Gains Tax

Capital gain tax benefit without registry and only transfer

Dear Team, My father has sold a plot in Haryana (after 8 years of possession) and now to save capital gain tax, he is planning to invest the gain amount in a flat in Noida with me and my wife as partners. There is a property where the builder has dues towards Noida authority and thus the registry is not being done and the owners have just the possession letter with them. As there is no regist...

NRI selling property in india

HI All, I have a couple of questions around CGT calculations and some procedures. 1. First of all, what is the actual percentage which is to be applied? Mine is a LTCG, over 50 lacs but under 1 cr, so TDS (u/s 195, i think) percentage is 22.88%? Believe me, every site has a different figure. So break up is 20% plus 10% surcharge plus 4 % Ed & health cess makes it 20.88. Is this correct? ...

TDS while buying house from an nri

Hi, I am planning to buy a property in bangalore from a NRI seller. Recently I heard about the TDS that needs to be deducted while buying property from NRI. When I discussed about this with my NRI seller he gave me the below response "According to my CA/lawyer, my tax liability is expected to be much lower because of negative capital gain (actual loss). So he asked not to take TDS, because on...

Query on Capital Gain tax - treatment of cost of Improvement

QUERY ON CAPITAL GAIN TAX - One Public Ltd Co. (Unlisted) has got a Plot of Land (about 37 acres ) near Bengaluru, which was purchased in 2006 for about Rs.101 lacs. - Thareafter, to protect the Land from encroachment etc., the Company constructed a Boundary Wall cost of which came to about Rs.225 lacs, duly supported by vouchers and bills. - In the current Financial Year i.e. 2017-18, t...

Capital gain tax on my sale

Dear sir, I have booked a under construction flat in Bangalore at a price of 6000000 (60 Lakhs) in 2013. Flat was ready in 2015 and builder issued a possession letter in Nov 2015 and same is registered in march 2016 with undivided land value rather than full value. Hence i ended paying around 3 lakhs stamp duty and registration. In Sale deed value shows 1250000 where as in EC market value ...

Query

Hi Tax Gurus, Our case is as follows: I am salary employee. House 1 We sold our residential inherited house (we stayed in it for 36 years) in DEC-2017 for 1,48,50,000 (1 crore 48 lakhs & 50 thousand). We are 3 people (My Mother,My married Sister & Me) and each of us got 1,48,50,000 divide by 3 = 49 lakhs & 50 thousand. We started living in it from MAY-1981. Location: Pune We paid ...

Nro non repartriable demat account

I have been trading through my NRI PIS account for the last 8 years . All the transactions done by NRE funds only. As on 15th Oct all the credit & debits done through NRI PIS. On 18th I have sold some of my old portfolio holdings including some shares with splits/bonus/dvr allotments. Still the bills are pending becuase they are telling all my holdings are in NRE Non repartiable demat acoount a...

What are the exemptions available commercial property

Hello, I've sold an office space this FY. The office space was originally bought in 1997-98. Since I'm too old, I've given some mo I had bought an office space in 1996-1997 and sold it in 2017-2018. I have some questions around capital gains. I've got the property valued as on 2001-2002 and will index it further. 1. Since I'm too old I've given some money from the sale of office space ...

Capital Gains Rebate

Hello Sir, I have some queries regarding long term capital gains An individual bought a land 8-10 yrs before and later went in to joint venture with builder to build an apartment on that plot and got 10 Unit of Flat as his part. Now he is selling all units and getting capital gains. So my queries are 1. If he sale the flat and construct a house jointly with wife and claim his contribution f...

Short term capital gain - special rate (1%)

In the return i had shown Rs. 5346/- as short term capital gain from sale of shares (trading) to be charged at 15% special rate. Received a notice from income tax department that there is discrepancy under section CPC 143(1) that "Income chargeable to tax at special rate other than 115BBE" in Sr. No. 11(ii). In the return no amount was written and in return prepared by incometax department the ...