I am selling a property vacant land in bangalore for 50 lakhs, the buyer is telling me I have to show him proof that i am either paying the capital gains tax, or make reinvestment to avoid capital gains tax. The reason for this he is stating is that if perhaps I do not pay captial gains tax he might be responsible for it. Could you please inform me if I can make a reinvesment in another property to avoid captial gains tax and if not what other options do i have
long term capital gains are to be invested in residential property. for what minimum period of time the new property must be retained? sureshdeshpandeus@yahoo.com
We 3 brothers have recently sold our parental house for Rs 4.5 Cr. My share of Rs 1.5Cr has been reinvestment in 2 res flats . Will i be eligible for exception of Capital Gains tax on both the res Flats?
Re: Cap Gain Exp on more on reinvestment in 2 houses
by Jassie Chamba on Apr 10, 2010 09:36 AM Permalink
Can I avail Cap Gain Exemption on reinvestment in 2 houses"
(1)If the existing house is purchased by taking loan from a PSU bank thus claiming IT exemption for the "Yearly Interest amount" in full and for the "Principal amount" under Sec 80C, can I still sell this house after completion of 3 years and elligible to claim exemption under sec 54 as per the existing rules or do I have to hold this house for a longer period than 3 years? (2) Suppose LTCG is 20 lakhs(out of net selling cost of 35 lakhs)and the cost of the new house is 25 lakhs. Does it mean that the complete LTCG of 20 lakhs has been invested? (3) If the coast of the new house is 18 lakhs (Rs. 2lakhs less than LTCG).In that case Rs 2 lakhs requires to be continued to be invested in bonds like REC etc. for 3 years to avoid income tax?
I propose to sell in May or June 2008 a vacant residential plot purchased by me in 1983. Will I be required to pay income tax if I buy a flat in April 2008 itself , that is before the actual sale of the vacant plot. Or am I to wait till I sell the vacant plot and only then I can go in for buying a new flat.If I propose to buy a new residential plot , will I get tax relief.Please enlighten me in detail on this including the tax component.
we owned a house which is 60 years old and it is in our control from the past 60 years and we had sold it recently in jan 2008.do we have to pay the capital gain tax this march 2008 alone
I have residential plot (vacant plot) jointly with my brother. Now we are sellilng the same for 25 lakhs. This land was purchased in 1985 for 100000. what would be tax amount and can we get exemption if we purchase another vacant plot.
I have purchased a flat. I booked the flat in Dec-05 and took loan to pay full amount of the flat to builder in advance.The possession of the flat is happening in Dec-07. When do I consider the flat to have been purchased - when I booked or when the possession is given to me by the builder.
