As per section 54F it is mentioned that "The second section deals with capital gains on any asset other than house property (for example gold) and investment of the net consideration (sale proceeds reduced by the direct expenses on the sale).", Is it possible to have Tax benefit for the purchase of GOLD. what is this section 54F refer to? Can you pls explain briefly. Can we have any other tax benefits like this.
My father, has sold a propoerty for 7.5 lacs, 3 years, and invested the amount in the Rural Electrificaiton bond, to avoid the Tax. But againt this REB, he has got a loan from SBI against it.
Now, I intend to buy a individual house apart from one where we live, with that REB money(which matured last month) and put in my part in it. lso intend to continue his SBI loan and complete the tenure
Will he need to pay the capital gains tax. Can we both together joint buy the property, though we have different PAN
RE:Reinvesting Gains Tax
by picture maiti on Jul 09, 2007 01:24 PM Permalink
my father took a property for three lacs. now its of 15 lacs. amzing?? its all abt birla sun life gold plus plan!!!
I have sold one flat purchased in 1993, and want to invest in buying house. I have already one flat purchased in 1999,in same city on which I have availed capital gain tax benefits which was due to selling of shares in 1998. Can I avail capital gain tax benefits under section 54 for buying second house in same city?
i have inhereited a house property. which i want to sell. my share in that property may be around 12-14 lacs. i have also booked a house to be construced by a builder. the possession of the house will be handed over to me in 2008. the cost of the house is 25 lacs. i have borrowed an amount of rs. 20 lacs from my banker. can i get the benefit of capital gains if i sell the house inherited by me and deposit the entire sale proceeds in my housing loan account. kindly clarify. acmisra
I have sold equity in 2006-07 which I have bought in the year 2004-05 (for 1 lkh) and sold it at 1.70 lkhs(with STT).Do i have to pay capital gain tax? Can i invest in residential property and get capital gain exemption?
RE:capital gain exemption
by ABC on Jul 09, 2007 12:43 PM Permalink
No capital gains tax if held for more than 1 year....no need to re-invest in housing. There may be some complications if you received any bonus shares or share splits. Look at large cap IT companies like Infosys and TCS now, for 45% to 50% this year itself.
RE:capital gain exemption
by Gopi on Jul 09, 2007 12:50 PM Permalink
No, Capital gain tax u have to pay, because u have already paid the STT. no tax is applicable on long term capital gains if STT paid. Gopi.
