Regarding Long permanent status means gain on flat selling?
i purchased a flat in navi mumbai within the year september 2001 for total consideration of Rs.5,90,418/-, (in this i have taken Rs.4 lacs loan from HDFC, 62000 FROM MY PF and remaining from my savings), immediately i sold the same flat on 4th feb 2008 for total consideration of Rs.14,50,000/-, contained by that AROUND Rs.4 lacs repaid to HDFC AND REMAINING 10.5 LACS deposited in my Saving reason, with this amount i enter in agreement to purchase other flat contained by hyderabad for Total consideration of Rs.14,90,000/-(in this amount i have taken loan for 8 lacs and remaining from my gain profits), my purveyor insisting that regiter for market attraction, here market pro of the property is 6.7 lacs, my question is that for how much amount i can stir for registration to avoid capital gain excise
Answers: LTCG calculation on your flat:
2001-02 index= 426
2007-08 index= 551
Rs.14,50,000 is the public sale consideration.
Rs.07,63,663 is your indexed cost. (590418 x 551 / 426 )
-------------------
Rs.6,86,337 is your net gain as per Income levy department.
=========
As you are buying a flat for Rs.6.7 lakhs at Hyderabad, your gain and the cost of new flat is almost same. So you necessitate not pay any tariff at all. Your loans are nil to do with levy calculations.
Your bright flat at Hyderabad must complete with contained by 2 years from the date of sale of your flat at Mumbai.
You hold to declare adjectives these things in your import tax returns. Contact a C.A and do the needful.
Long term income gain tax is base on Index Value every year released by Income tax depatrment contained by Income tax Ready reckoner. You can also enjoy the details from website Incometaxindia.com. There is a book for valuation price for property - area perceptive for every city now avaliable next to all estate agents. You should check up next to them.
Long term gain when invested contained by the same type of property inside the same financial year do not attract any duty.
Only a discloseur has to be made surrounded by your annual tax returns.
Your CA can also assist you to arrive at the correct assessement and you should not dally to consult him.
To register a property sale for a expediency less than the consideration received i.e. the mart price will result in a element of the receipts as 'balck income' which has to be avoided at adjectives costs.
so far as you reinvest total sales procced within ine house purchse you are not liable to pay any property gain tax.
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Answers: LTCG calculation on your flat:
2001-02 index= 426
2007-08 index= 551
Rs.14,50,000 is the public sale consideration.
Rs.07,63,663 is your indexed cost. (590418 x 551 / 426 )
-------------------
Rs.6,86,337 is your net gain as per Income levy department.
=========
As you are buying a flat for Rs.6.7 lakhs at Hyderabad, your gain and the cost of new flat is almost same. So you necessitate not pay any tariff at all. Your loans are nil to do with levy calculations.
Your bright flat at Hyderabad must complete with contained by 2 years from the date of sale of your flat at Mumbai.
You hold to declare adjectives these things in your import tax returns. Contact a C.A and do the needful.
Long term income gain tax is base on Index Value every year released by Income tax depatrment contained by Income tax Ready reckoner. You can also enjoy the details from website Incometaxindia.com. There is a book for valuation price for property - area perceptive for every city now avaliable next to all estate agents. You should check up next to them.
Long term gain when invested contained by the same type of property inside the same financial year do not attract any duty.
Only a discloseur has to be made surrounded by your annual tax returns.
Your CA can also assist you to arrive at the correct assessement and you should not dally to consult him.
To register a property sale for a expediency less than the consideration received i.e. the mart price will result in a element of the receipts as 'balck income' which has to be avoided at adjectives costs.
so far as you reinvest total sales procced within ine house purchse you are not liable to pay any property gain tax.