Tax questions on Capital Gains Tax

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...

Query on calculation of Indexed cost of property

How to calculate Indexed value of Flat in in 2016-17 in following case as the payments are made in different financial years having different Cost Inflation Index (CII). Whether the legal costs of purchase (registration fee, stamp duty etc) are also to be considered. indexed and if so, how to do that in case given below. 1) Purchased a Flat as first owner from Army Welfare Housing Organisation...

Tax implications on selling of redeveloped property.

I have surrendered my old property in Dadar to builder for redevelopment in 2012. He didn't gave us alternate permanent accommodation for redevelopment period instead he paid us rent for almost more than 3 year on monthly basis. Now the redevelopment had been done and I have received new house in January 2016 along with occupation certificate after few months. I want to sell my new house for pu...

Short term or long term capital gain tax ?

First of all .. I would like to thank you all for making everyone aware of financial knowledge and answering queries and helping all of us. Let me start with my query about Short term capital gain tax, I have booked a flat in Jan 2013 by paying 10% amount of flat. Then Registration completed in Jan 2014 and Possession letter was given in Dec 2014. I have taken a home loan for the purchase a...

Capital gains

Dear Sir, March 2010: I purchased an under construction property & registration was done in march 2010. At the time of registration appx 35% of flat cost had already been paid to builder. Till September 2012: appx 90% flat cost had been paid to builder. Due to delays etc Flat was handed over to me only in Dec 2015 ( ie .more than 3 years after 90% payment was made). Balance to be paid...

Want to sell my property for Rs. 5.5 Crores

Hi, I am an owner of a property of 486 sq.ft carpet in Bandra West, Carter Road, Mumbai. I have procured this property from my parents who have expired in 1990 and 2008 respectively. This property was transferred in my name in 2010 and my name put in the share certificate as a nomination was put by my mother the last surviving person in 1992. They had purchased this property from builders dire...

Subject : Non filing of income tax return – reg

Madam/Sir, Subject : Non filing of income tax return – reg 1. The income tax department has received information on financial transactions activities relating to you. A list of some of the information for financial year 2012-2013 is provided below. As per records you do not appear to have filed income tax return for assessment year(s) 2013-14. 2. You are requested to furnish your response i...

Whether long term or short term capital gain tax or no tax

Hi Sir, I have one query regarding capital gain tax. A 60 mtr. Plot in Rohini, Delhi Plot was allotted thru draw of priority nos on June 2012 and Allotment-cum-Demand letter was sent on [deleted] for payment of premium of Rs. 15 Lac which is paid by me in three instalments (June, March & May 2015). The physically possession of plot was given to me jointly with my house wife on [deleted] after 3...

Capital gains tax liability of legal heir

A residential property in Delhi in the single name of my mother (father expired in 1991) was sold in April 2013 and the sale proceeds (received through Pay Orders) was deposited in her savings bank account. Me and my younger brother are the only two legal heirs of our mother. Some portion of the sale proceeds received was utilised in purchasing a built up residential property in Delhi in August...

Sale of apartment in Gurgaon

- I bought an apartment in Gurgaon March 2004 for Rs. 16.5 Lacs from Army Welfare Society (AWHO) through a sale agreement - For purchasing the apartment I took a loan from IDBI Bank. The loan was only in my name - I was the sole applicant - In February 2008, the sale agreement was registered in Gurgaon court through a conveyance deed. The conveyance deed was executed by the AWHO in favour of ...