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K
Kiran
My father purchased agriculture land in 2008 later changed to Housing plot and completed constructing building in 2010. after his death in 2016 I and my brother partitioned land and building. We both sold the land and building in July,2020. The total sale amount is transferred to my account only. I have purchased new House and invested some amount in 54 EC bond and saved some amount for tax in my savings account. Now we do not have proper records(bills) of construction expenditure. 1.How to calculate Indexation of construction as I do not have old bills of construction. 2.Am I sole responsible for tax as total amount credited to my account.
1. How much is the amount incurred on that Land and Building. 2. Need to see sale deed paper for taxability and TDS deducted by buyer. Plesae contact at pnkrgarg@gmail.com or Mob.: 9958558840.
5 Aug 2021Both the owners of the propery will be indivdually responsible for the taxation purpose. If you have receievd the sale consideration which also includes your brothers share then you will be reposnible for the share which only belongs to you. For more detailed consultation please connect with me at ca.pujasharma@outlook.com with more information.
6 Aug 2021Capital gain is taxable in the hands of person in whose name property is registered irrespective of receiving the contribution. So you and your brother both will be liable to pay tax. However as it belongs to FY 2020-21 it can be planned within the limitation of Income Tax and Tax can be saved.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
A
Aparna
I OWN A COMMERCIAL COMPLEX IN THE MAIN MARKET OF THE CITY , ALL THESE YEARS I HAVE BEEN SHOWING THE RENT RECIVED FROM RENTING THE SHOPS IN THE COMPLEX UNDER INCOME FROM HOUSE PROPERTY. CAN I SHOW THE SAME UNDER 44ad ? renting is my sole business
yes if it is only rental income.. Plz connect on 7679875546
31 Jul 2021Strictly NO. For further details contact at pnkrgarg@gmail.com; Mob.: 9958558840.
31 Jul 2021No, You Can't. For further details & planning purpose you can contact on 9004485377 or reach on ca.rahuldwivedi@gmail.com
T&C applyA
Ashish
We sale a property but buyer take loan from bank so amoun is taxable or not
Query is not clear Please ?
For you, sale of property is taxable under the head capital gain.
For further assistance you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
For the purpose of Income taxability, it is irrelevant that payment received from loan or through self fund on sale of property. For further details please contact at pnkrgarg@gmail.com or Mob. 9958558840
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