i sale a land 3 months before i have purchase this land in 1973 index value starts from 1981 and here in 1981 there is no goverment minimum fixed rates so from where i can take rates. i want to save capital gain tax in which i can invest
I have two flats. One flat which is let out is in the name of me and my wife and the other one is in my name. I intend to sell the let out house bought in 1995-96, which is in our joint name and buy a bigger house with entire proceeds in the name of my wife. My question is : Can she get capital gains tax exemption on the sale proceeds?
The corrected version is printed below: What about the present value adjusted keeping in mind the inflation over the years (of purchase and sale)? Is it as simple as your buying a house for 1 million in 1990 and selling it for 3 million in 2005 & making a profit of 2 millions? In reality, it is less than 2 millions since there is a lot of devaluation over the last 15 years. Can anyone throw light on this?
What about the present value adjusted keeping in mind the inflation over the years (of purchase and sale)? It is as simple as your buying a house for 1 million in 1990 and selling it for 3 million in 2005 & making a profit of 2 millions. In reality, it is less than 2 millions since there is a lot of devaluation over the last 15 years. Can anyone throw light on this?
I work for an MNC and sold some of the shares I had purchased under Employee stock purchase plan (ESPP). The shares were bought between 2004 and 2006 and the sale was made in 2006 on a foriegn stock exchange 1. Do the capital gains qualify as long term ? 2. I have made payments for a flat under construction (due completion next year). Can I claim exemption under 54B ?
I owned a plot (piece of land) since 1980 which i bought for around Rs 1 lakh. i have just sold it this year in April 2007 for Rs 12 lakh. Kindly let met know if the capital gains tax is applicable to me and if yes then in what duration? is it one year or 3 years.
but the people do not follow it and government is also not taking any actions.
Here dealing in balck money is the model of the game. If anybody is selling the house, they are looking for cash not cheque. Which fiance minister will control this, only god knows. Even the service people are nowadays exploting the government by getting tax claim before occupying the house (house under construction), getting house rent exempted with forged rent receipts etc, government only revises the tax rate. No FM has really thought of taxing the landlords, Agri lords, businessmans etc. Cash dealing above 20000 should be made criminal offence and they should be punished severely.
RE:Tax rule
by Harassed IndianCitizen on Jul 11, 2007 12:18 PM Permalink
True Mr. Johnson. I think the largest black money in India must be with diamond traders and then builders. I had a horrible experience in 2005 when I was searching a home. Since I had been paying rent the same amount as EMIs (due to low home loan rates then). So, I though of buying a home. Based on my salary and job profile, the banks didn't had problem in financing 85% of the home cost. Even the 15% of own contribution was not a problem for me. But the problem was what the builders were asking for grey money. Every builder I went to asked for atleast Rs.200 to Rs.300 in black. And even a 1BHK of 600 sq.ft. makes black money amount to Rs.150,000. This amount became the greatest hurdle for me and because of which I was not able to buy home and even till today we live in chawl on rent.
