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Question & Answer


S

Seema

21 Nov 2020

Dear Sir/madam
I sold my property and to save LTCG I invest the same amount in purchasing new property as. To save LTCG I can not sold the new property for 3 years if I wish to sell the new property before 3years and invest the same amount in purchasing the again new property/house can I do the same
Looking for an early response

Replies (1)                          

CA Puja Sharma       23 Nov 2020

If you sell the property then the Capital Gain which was earlier exempted will now become taxable in your hands.

T&C apply


H

Harpreet Singh

21 Nov 2020

I sold off my old flat that was held jointly with my wife. The capital gain was Rs 5 lacs that was put in the capital gain acct. This amount was utilized towards paying installment for new flat.The balance amount received out of of sale proceeds has been put in a bank in FDs( my wife is primary acct holder). My question is whether the interest received from this amount in bank needs to be added to my taxable income or not. My wife is not working and she has no income. Thanx

Replies (1)                          

CA Puja Sharma       23 Nov 2020

Yes both you and your wife have to pay taxes on the FD interest income.

T&C apply


H

Harpreet Singh

21 Nov 2020

I sold off my old flat that was held jointly with my wife. The capital gain was Rs 5 lacs that was put in the capital gain acct. This amount was utilized towards paying installment for new flat.The balance amount received out of of sale proceeds has been put in a bank in FDs( my wife is primary acct holder). My question is whether the interest received from this amount in bank needs to be added to my taxable income or not. My wife is not working and she has no income. Thanx

No Reply  


J

Jignesh Desai

21 Nov 2020

In share trading , in case most or all of the trades of an individual are short-term in nature (meaning the shares were sold before completion of one year after purchase) , after the threshold of what amount of turnover , can the income tax authorities deem the profit earned from such trades as "Business Income" ?

Or , is it that , because the individual has traded in his own assets (shares) only , irrespective of whatever turnover he does , he can always show the profit earned from such trades as "Capital Gains" in his Income Tax returns ?

Also , how would the income tax authorities deem such such profits as (meaning Capital Gains or Business Income ) , based on size of turnover , in case most or all of the trades are long term in nature (meaning the shares have been sold after having been held for a period of more than one year) ?

Also , how would the profits be taxed , in case they were earned from trading in unlisted shares ?

No Reply  


S

Subhasish

20 Nov 2020

If wrong AGM date entered mistakenly in MGT-7, how to rectify the date in MGT-7?

No Reply