Y
Yusuf
I want to sell my property pliease guide me how can i save tax on long term capital gain and what is the time period for that can i reinvest the same amunt in purchasing the property is it there any rule that if i sale residential property so i have to purchase the residential property or i can purchase the commercial property too to save tax and also provide me information that some amount i invest in purchasing property and same amount in purchasing boonds can i do this to save rax and how much time i get for this investment after selling my property
Looking for an early response
Facebook
Twitter
Linkedin
The Income Tax Act has laid out exemptions under Section 54 and Section 54F to help taxpayers save tax on capital gains.
(1)Exemption under Section 54 is available on long-term Capital Gain on sale of a House Property.
(2)Exemption under Section 54F is available on long-term Capital Gain on sale of any asset other than a House Property.
To reiterate, both the exemptions are available only on long-term capital gains.
Common requirements between the two Sections:
A new residential house property must be purchased or constructed to claim the exemption
The new residential property must be purchased either 1 year before the sale or 2 years after the sale of the property/asset.
Or the new residential house property must be constructed within 3 years of sale of the property/asset
If you are not able to invest the specified amount in the manner stated above before the date of tax filing or 1 year from the date of sale, whichever is earlier, deposit the specified amount in a public sector bank (or other banks as per the Capital Gains Account Scheme, 1988).
Only ONE house property can be purchased or constructed.
Starting FY 2014-15 it is mandatory that this new residential property must be situated in India. The exemption shall not be available for properties bought or constructed outside India to claim this exemption.
If i invest in purchasing and constructing the commercial property then can i avail tax exemption or if i invest the same in lal dora property ie not for agriculture purpose ie it can be used for residential or as well as for commercial then in this case can avail tax exemption
CA Nisha Bagla 7 Jun 2018Investment in commercial property - No exemption
You have to invest compulsorily in a residential property to take benefit of this exemption
What would b my long term capital gain in this case ie i brought a property for 90000rs in 1995 and made a construction for 50000rs but doesnt have any bill to show for construction and also renovate the buliding in 2007 which cost me 4lakhs but don't have any bill for the same and now want to.sell the property for 80lakh now what would be my long term capital gain for the same
T&C applyD
Dileshwar Singh Deshmukh
Hi, I changed my job recently, from let's say company X to company Y. Company X has the policy to serve 90 days notice & in case of any short notice same gets recovered from employees full & final settlement. However, company Y promised to pay short notice recovery levied by company X. Amid all these what happened is, Company X recovered from me Let's assume 120/- = 100/- short notice recovery + 20/- GST. But company Y reimbursed 100/- as short notice recovery amount but I actually received 80/- = 100/- short notice recovery - 20% TDS. Overall due to Taxes (GST & TDS) involved I ended up losing 40/-, hence the question is "Can I claim some portion of 40/- & how" Please help
Hello Dileshwar, The employee can claim TDS while filling there income tax returns. Please call us on 7259165604 for further suggestions.
T&C applyB
Biswajeeta Dalabehera
Is it good to close housing loan in early tenure
Hello, It depends on what nature of income you have? Structure,how much you wish to repay etc. Please call us on 7259165604 for further details.
T&C applyV
Vsrmurthy Vendra Vendra
Sir, u/s 139(9) notice received, error code 38, asked to correct and upload XML. Efile shows 'No records found' Already 15 days passed from date of notice. return not invalid till now. How to upload XML?
Error Code 38 is for Tax determined as payable in the return of income filed but has not been paid, Check and do accordingly
T&C applyR
Rakesh
Hi am looking to understand applicability of presumptive tax - 44ADA on my professional services and also looking for tax filing services against the same. Please revert
Hello Rakesh, Let us know what guidelines you need for 44ADA, you can contact us on 7259165604 to guide you in detail.
T&C apply
