Read your article on the Home and capital gains,but the last sentence was not clear. I understand that now the tax on long term capital gains for share transactions is abolished. Is it applicable to other assets too or not ?
i think there is a different tax rate if u do not go in for indexation and sometimes that tax rate can be more beneficial hence plz check before going in for indexation.
Rented Flat sold, Bought a ownership flat from the proceeds of old flat + housing loan...within 5months, am i liable to pay capital gains. Sale of old flat ............................. Rs. X Cost of new flat including St. Duty, brokerage, registration, shifhting expenses, Lawyers Fees for documents, Transfer charges of Society.Rs.X + Y
The article gave clarity and information regarding capital gains. but i doubt about the statement that investments should be made out of capital gains within the date of submission of IT RETURNS. i think it should be within six months time from the date of execution of sale deed.
read your article on the capital gain tax on homes but i have got one querry that how the value of housing proprty calculated if the property is purchased before 1981 what is the valuation of it?
RE:long term capital gain tax on homes
by Som Datt on Sep 28, 2005 12:55 PM
Even I would like to know about the same.
In my case, the house was bought under allotment for which 10% registration amount was given at time of application sometime in 1979. After allotment letter, rest amount was paid in annual installents. The house was completed in Dec 1985.
