Landed property inherited when the predecessor died in 1993, the landed property was bought against, say, Rs. x/- in 1961 by said predecessor, that is 21 (twenty one) years before 1981, whether, the CII of base FY82 (i.e., 100) should be considered as the cost of acquisition on selling the inherited land in 2017 - for calculation of Income tax on capital gain.
However, if the answer is yes, i.e. the cost of acquisition would be considered as the CII base FY82 (i.e., 100), this would mean the inflation for earlier 21 years is NOT made to consider in relevant calculation, resulting an obvious loss in the cost of acquisition of said inherited property.
Then, how can one reasonably save himself from said loss due to relevant inflation between 1961 and 1981-82?
Landed property was bought against, say, Rs. x/- in 1961 by predecessor who in 1993, i.e. 20 years before 1981, whether, on selling the inherited land in 2017 the CII of base FY82 (i.e., 100) should be considered as the cost of acquisition .
If, yes, this would mean the inflation for earlier 20years is NOT considered. Then, how can one reasonably save him from said loss?
I sold for 90 lakhs a house that I was purchased 56 years ago and which I inherited. How is the cost index worked out? Can I buy two apartments from the sale proceeds to avoid apying long term capital gains or am I restricted to purchasing only one apartments and some bonds?
I sold an inherited house originally purchased 56 years back for 90 lakhs.How is the cost index worked out? Can I invest in two apartments to avoid paying long term capital gains?
i appliied a plot of a development authority in 1999-2000 with earnest money 45000(10% of total cost Rs. 450000). I got the plot through a lot in 2000-01 and paid next installment i.e 15% Rs.67500. After that there was a court stay and no installment was paid for eight years. Now allotment letter is issued and next installment is paid Rs. 95000 now in 2008-09. kindly tell my capital gain if i sell it in Rs. 200000(20 lac). i am also constructing a house by taking loan. How can i save tax if want to purchase a flat.
If i sell the short term capital gain i get divind It is exempt of tax or have to paid 10% tax. I sell the share long term It will be exempt or not(If deduct stt chargen) then will be exempt
A person X only do share trading(delivery basis) and he got short term capital gain of 1 lacks. as there is no tax till 1.5 lacks ...so how much tax is applicable to Mr. X
I have applied for a plot of land on 21/11/98 & a plot was allotted on 11/04/2001 through draw.total amount approx.Rs7.25lacs were paid in instalments on 07/05/01,04/04/02,03/04/2003,02/04/04,19/04/04,09/04/08,22/04/08&on 21/10/2008 includind interest on delayed instalments,other fee etc.Possession of plot was taken on 26/09/2008.conveyance deed yet to be executed.cost of stamp paper is Rs28000/-.I want to sell this plot in Rs50lacs in this year.Please let me know about tax liabilities.whether it is LTCG/STCG.How i can save i.tax.Please guide me acordingly
