Tax questions on Capital Gains Tax

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 ...

Capital gains on sale of property

This is with regard to sale of property in delhi acquired 30 years back.The prevailing market rate of the property is much below the circle rate of the area in which property is located.The property falls in Category A in delhi. The prevailing market rate of the property is almost 40% less than the circle rate due to depressed market conditions. Please advise wrt 1. Payment of CAPITAL GAINS ...

Inheritance & FY of Purchase Claification

Below is the case in chronological order, with the questions at the bottom: • In 1980, a person joined a corporate group housing society, Delhi. • In 1985, he paid Rs. 50,000 first payment towards one apartment in the corporate group housing society allocated by DDA. Over the years, he paid Rs. 8 lakhs towards construction costs in several installments. • In 1994, he received share certific...

Notice under 148 for the assessment year 2010-11 (U/S 50 C)

Our assessee was allotted a plot from development authority on 31/10/2009, after allotment of said residential plot the assessee entered in a registered agreement on 22/12/2009. according to this registered agreement our assessee received Rs. 150000/- as a advance from the buyer remaining Rs. 150000/ received at the time of registry on 30/03/2010. Total amount received by the assessee Rs. 30000...

Capital Gains Tax-NRI-Australian Passport holder

Hi, I am Saurav a NRI (Australian passport holder) and I would like to know my income tax obligation in the below scenario- I am a digital currency(Bitcoin) trader in Australia. 1) Buy the digital currency (Bitcoin) in Australia. 2) Send the digital currency to my Bitcoin wallet in India. 3) I sell the digital currency (Bitcoin) from my Bitcoin wallet in an Indian Bitcoin exchange...

capital gains tax for senior citizens

Dear Sir, I am Chetan Phatak, from Aurangabad. I need your advice regarding the capital gains tax for my father (age 81 years) who is senior citizen. My father’s property is in Nagpur which he purchased for @3.0 Lakh in the year 2003. Due to some medical reasons, and there is no one to take care of them, I brought my parents to Aurangabad so that I can take care of them. Now I have purchas...

Tax liability on returning nri

I am Indian Citizen ,I was in Hongkong for 8 years from June 2008 to June 2016 & have returned back to India in June 2016 . I have following queries with regard to taxation in India for the house ( flat )bought in Hongkong in June 2011 (which is still under mortgage). Let me know the following : 1. What is the tax liability in India if flat is sold within 2 years of returning back to India( wh...

Capital Gain counting and Tax Exemption

Couple of questions around counting Capital Gain Tax: 2009-10 : Purchased Apartment and Agreement of sale was done. Flat Number was given by builder. Consideration of sale on the agreement is : Rs. X. 2012-13: Construction finished and paid the registration fees. Stamp Duty was paid but it had different consideration of sale: Rs. Y (which is almost half of Rs. X). Also, spend money in furnitur...

Capital Gain Tax in Joint Venture Property Dealing

Dear Sir, I had a plot which I gave it to a builder in JV ..Now the builder would construct 8 flats on it in total 4 floors, whereby he would keep 5 flats and I would get 3 flats . I would get 1 flat on 1st floor and 2 flats and 2nd floor . Now I want to retain both flats of fourth floor and use it as one residential property as I have a large family and want to dispose or sell off my 1st ...

is it capital gain or income ?

Respected Sir / Madame, sub : is it capital gain or income ? Essential Background : my name is prashant shirodkar ( birth date - 26 august 1955 ) sometime around 1952, my father become TENANT in a small bunglow, at the western suburb, mumbai. that was a 1 room kitchen space. i am sheath & sheen at this place. my father expired in 1996 and our landlord put my name on the ren...

Redevelopment of property

Hi My father had purchased a flat (condo) in an Apartment building for a total consideration of INR 1 Lac in Pune in 1983. 2 years ago, all the owners of the block of condos got together and commissioned a builder to redevelop the flats. At that time, the value of the flat was around INR 70-80 Lacs. During the redevelopment, all tenants received a sum of INR15K per month as compensation...

Home Loan by Son for bridging deficit amount from Capital Gains

Dear Sir, My Father (aged 67 years) sold the joint property co-owned by his brothers since last 50-years. The amount received through this Sale is 100% Taxable due to Profits under Capital Gains (Gains is 100% taxable due to property appreciation in last 50-years as per Government declared land Prices in that local SRO.) These funds received through this sale is partly (60% of funds) used ...

Capital Gain tax on flats sold through development agreement

Hi, I(landlord) have entered into a development agreement with a builder on 1st-June-2015.During filing returns for AY 2016-17 i have showed the long term capital gain arising out of the transfer of undivided share of land to builder(Calculated using the share i received in sft * Construction cost per sft) and paid the corresponding long term capital gains tax. As per this year budget any...

TDS on NRI Couple selling property to Resident buyer

Property owned by NRI couple Purchased as a semi-finished house in 2010 Sept. for 30 lac, paid 2.2 lac for registration and 4.4 lac for additional construction. owner spent additional 10 lac money to finish the building but all the work was done over period of one year (2010-2011). most of finishing work done by local small time construction workers and paid through cash. Now the same proper...

booking amount taxablity in the hands of an Individual seller

1) Assessee has come into agreement with a Builder for 35% share in constructed flats in exchange of his Land in 2007. 2) After Receiving Allotment letter from Builder , Assessee has received amount as advance against Agreement to sell from ultimate buyers for his 35% allotted flats in single payment of Rs 1.43 crore against 5 (five) Flats in AY 2013-14. During Assessement AO has charged ...

Capital Gain on redevelopment of constructed house

Dear Sir, My father purchased Plot of Land in 1979 and constructed house in 1980. Approximate amount of Land was Rs. 27000/- & Construction was of Rs. 200000/-. The whole bunglow was decided to demolish in 2012 and decided to go under redevelopment with a builder. Market value of a plot in March 2012 is Rs.11375500/-. Builder agreed to give 4 Flats in consideration. No any other considera...

short term capital gain tax on redeveloped flat

Ours is coop hsg. soc.situated in south mumbai.we have redeveloped the society on our own by giving private contract instead of appointing any builder under rule 33/7.Extra FSI was taken by existing soc members only by contributing the funds as per rate decided for per sq ft basis.the work started in 2008 & completed in 2015.possession given on March 2015. The original area was 290 sq ft c...

Capital gain on house property

I live in a residential flat which is the only property in my name. Planing to buy a residential plot worth 28-30 lacs taking bank loan only for plot, before March 2017 and get it registered in my name. Further, I wish to start construction of residential house on that plot by March 2017 either giving construction contract with material to a third party with agreement or only labour contract to...

Sale of land

Dear sir My grand father has a land in urban area bought on 1960 which is cost amounting to Rs 5000.00 .Now he is alive and we are planning to sell the property sell value as municipal value is Rs 2.4 Cr.we are seven person blood relatives (my grand mother, father ,mother my two uncles and me) among whom the amount will be shared equally. So now my concern are as follows. 1. How to reduce th...

How to show it about capital gain investment & also claim rs.35k

I sold my bangalore property and the capital gain is 35 lakhs during year 2014. i have paid the tds as rs.35000/= to it dept for 35 lakhs during the year 2014.i am now constructing a new house but this property is in my wife's name. since i am investing my capital gain money for this new house construction purposes. important point to note is that the civil contractor wants me to pay only by ca...