Tax questions on Capital Gains Tax

NSE Investment under Parents Name - Tax implication and limits

Hello, I am an NRI hence I cannot purchase NSE or any Post office products, my wife stays along with me hence cannot purchase under her name as well. I would like to know if I can purchase NSE (National Savings Certificate) under my mothers and in-laws (Wife Parents). I understand that there is no limit on NSE certificates purchases so they can purchase. Please let me know if there is a cap...

Investment of capital gain of two properties in purchase of 50 % share of residential property

Sir The issue is whether exemption u/s 54 is applicable if one residential property is bought on sale of two properties ( Commercial & Residential ) and what precautions ( i.e drafting purchase deeds ) are to be taken at the time of registration I intend to sell residential property now and sold a commercial property one year ago as per following details {Commercial Property Sold in Sep 2...

Home Loan Repayment

Myself Rahul and my wife Pooja purchase total 4 numbers Residential flats through 4 nos Home Loans and Details are - 1- Purchased 1st 3 BHK 1235 Sq ft through 20 Lakh Home Loan from HDFC Ltd and Home Loan main applicant is Pooja and Co applicant is Rahul but Property is in name of Pooja Only. 2- Purchased 2nd 2 BHK 1220 Sq ft through 26.30 Lakh Home Loan from ICICI Bank Ltd and Home Loan ...

LT Capital Gain Exemption Section 54

Hi We have made an agreement to sell our ancestral house. The property stands in my and my grandmother's name. The sale will entail significant long term capital gains for which we plan to take exemption under Section 54 of IT Act. We plan to purchase a plot and then build a house within one year so Section 54 will certainly be triggered. Both me and my grandmother only own one residential p...

Capital Gains investment in residential property funded equally by daughter.

I purchased a plot in 2005 paying cheque amounting to Rs 65,800. It was registered in January 2015 indicating the said amount as well as the then current (Jan 2015) market value of Rs 18,59,000. Now I plan to sell the said plot after 3 years of registration and if I get some 20L then plan to invest that total amount in purchase of a flat for some 40L where my unmarried daughter plans to invest ...

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 ...