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Question & Answer


S

Sameer

12 Mar 2019

I purchased a flat for 2,80,000 (april 1996). stamp+brokerage for flat 10,000 (april 1996).
Repair and renovation is total 1,00,000 in 2010. Sold the flat for 23,00,000 (december 2018).
Paid brokerage (46000).
What is the amount on which capital gain tax (LTCG) is liable? (after indexing as per latest data)

Replies (2)                          

CA Mayank Agrawal       12 Mar 2019

Capital Gain will be around 13lk
Kindly contact mayank8118@gmail.com for detailed calculations and know more about tax exemptions.

CA Utsav Khandelwal       13 Mar 2019

The Capital gain can vary as per the as per its value in year 2001-02. For more clarity kindly contact on 9549912646 or ca.utsav123@gmail.com

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S

Shailendra

12 Mar 2019


I sold my grandfather's property (my father's share per grandfather's will) in July 2018. I received 50% advance. The property sale is not yet complete and this financial year is ending. The final settlement will happen in June 2019. Do I need to show the advance I received while filing income tax returns for this year. I have invested that advanced to purachase an apartment.

Replies (2)                          

CA Mayank Agrawal       12 Mar 2019

Kindly refer sec 54F for tax exemption and answer of your query whether to show the advance recd in return is NO. Kindly contact me at mayank8118@gmail.com for more detail.

CA Utsav Khandelwal       13 Mar 2019

If the property sold in house property than you can claim exemption under section 54 otherwise under section 54F. For further queery contact on 9549912646 or ca.utsav123@gmail.com

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M

Moinuddin Shaikh

11 Mar 2019

I want to sell my property and the market value is1crore and I'm selling it in8lakhs. So is there any problem?

Replies (2)                          

CA Abhishek jha       12 Mar 2019

Yes there is problem you have to pay tax on 1 cr subject to condition. for more details contact on 9708549709 & ca.abhishekjha@gmail.com

CA Utsav Khandelwal       13 Mar 2019

Yes, the tax will be paid on whole amount received if other conditions not fulfilled. For further clarity contact on 9549912646 or ca.utsav123@gmail.com

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S

Srini

11 Mar 2019

Section 80DD

Replies (1)                          

CA Abhishek jha       12 Mar 2019

Deduction under this section allowed to Resident Individuals or HUFs for a dependant-who is differently abled and– is wholly dependent on the individual (or HUF) for support & maintenance. for more details contact 9708549709 & ca.abhishekjha@gmail.com

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R

Ravindran S

11 Mar 2019

Section 89 of Income tax act and Form 10E relates to arrears of Salary received from employer, while claiming relief u/s 89 in the Income tax return. If arrears of interest is received from a Builder through a Court Order, under which section should I claim relief and how it should be shown in the Income tax return.

Replies (1)                          

CA Abhishek jha       11 Mar 2019

income from other source , No relief

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