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Latest Messages |
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| Posted by: Swapna Das |
January 08 , 2012, 13:35 IST |
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| I recieved a Property from my parents after their death accordingly to their Will in year 2007. Recently I sold the property at a price of Rs.21.00 lacs . Do i need to pay tax on this income and if yes how much ? |
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| Posted by: P R KUTTY |
January 06 , 2012, 16:52 IST |
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| I bought a flat for Rs.16.00 lacs in 2004 and now I intend to sell and getting an offer of Rs.65.00 lacs.I also propose to invest the same in buying a property outside the state. How can I save myself from the property gain tax and within how much period I will have to invest the same. Can I deposit the sale proceeds in the same account which I am operating. Suppose, if I plan to construct a house and the investments are to be made in stages, how can I avail the tax benefit |
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| Posted by: Prateek |
January 04 , 2012, 20:04 IST |
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| I sold my property which was agricultural land for around 5 lakhs. Do i need to pay any tax on this income and if yes how much. |
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| Posted by: Rakesh |
December 21 , 2011, 00:39 IST |
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| I bought an under construction flat 2007 for 10lakhs on loan now i will be getting a possession in apr 2012. i will be selling the hours for 25lakh and will be buying a house with the same amount what tax i am liable to pay and how much |
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| Posted by: sneha |
December 14 , 2011, 13:21 IST |
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| My husband and my mother in law bought a house in 2003 at 4 lakhs and now they sold the property in dec 2011 at 23 lakhs. Now my husband is planning to buy flat in next 6 six months which will cost him 75-80 lakhs. We'll go for 50 laks loan. I wanted to undertand how the tax will be calculated. If we reinvest the money which we get from selling the house then do we have to pay any capital gain tax? |
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| Posted by: sneha |
December 14 , 2011, 13:20 IST |
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| My husband and my mother in law bought a house in 2003 at 4 lakhs and now they sold the property in dec 2011 at 23 lakhs. Now my husband is planning to buy flat in next 6 six months which will cost him 75-80 lakhs. We'll go for 50 laks loan. I wanted to undertand how the tax will be calculated. If we reinvest the money which we get from selling the house then do we have to pay any capital gain tax? |
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| Posted by: BINAL |
December 08 , 2011, 14:27 IST |
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| I want to sell my dad's property bought 30 years back for 1.3 cr.
please help me with tax implications
let me know how could i save the tax in best way
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| Posted by: Vikas |
November 16 , 2011, 22:19 IST |
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| Hi
My father owns a property and want to sell it and with the white money he gets I want to purchase a property for me.
Is it possible for my father to transfer his white earned money to me and need not to pay any capital gain tax
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| Posted by: DATTARAM |
November 08 , 2011, 08:19 IST |
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| I WANT PURCHASE A HOUSE IN THANE AREA.MY CURRENT ANNUAL SALARY IS RS.70,000 AND OTHER IS RS.24,000.MY CURRENT HOME PRICE WILL BE RS.25 LAKH,SHOULD I HAVE TO PAY THE TAX DURING TRANSACTION OF HOME? |
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| Posted by: Nitin |
October 26 , 2011, 14:00 IST |
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| I purchased a house on 21st November 2008 directly from the builder and signed the agreement and paid the stamp duty registration which is dated 11th November 2008. Till date i have not got the possession letter as builder says that he is yet to get the OC. Now for income tax on capital gains,when we say 3 years,is it from the date of Agreement or date of possession. I will be completing 3 years on 21st November 2011 from the date of agreement but have still not got the possession letter. |
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| Posted by: abhilash panicker |
October 22 , 2011, 18:46 IST |
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| i had pruchase property rs 60000/- in 1978 and sold the same for rs 9.25 lac in 2011 what will the income tax or if i invest the same for buying the new propery worth rs 9 lac what will the tax.. please suggest |
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| Posted by: ragini |
October 22 , 2011, 14:10 IST |
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| i purchased the flat in the year 2009 at Rs. 18 lacs and sold it in the year 2011 at rs.54 lacs
.then what tax implications will ocme |
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| Posted by: arun |
October 21 , 2011, 19:53 IST |
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| hi,i had sold my property..an year ago.now
the whole money(white money) received by me..now i want to transfer some money(abt 13lacs) to my brother & mothers acct each..so wht wiil b d tax? |
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| Posted by: Ravindra Patil |
September 30 , 2011, 18:13 IST |
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| hi. my friend have bought land in 2005 for Rs.3.5 Lacs. he sold the property in FY 2011-12 for rs.23 lakhs. what will be the income tax on it? |
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| Posted by: S Geetha |
September 16 , 2011, 23:24 IST |
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| undivided share of land registered in July 2007 and a flat was constructed by the builder and handed over to me in November 2008. I sold the flat in June 2011. Can I take (1) the gain on sale of undivided land as Long Term Capital Gains and (2) the gain on sale of flat as short term Capital Gain? |
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| Posted by: vinayak joshi |
August 16 , 2011, 17:29 IST |
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| i gain around rupees 30 lakhs after selling my late fathers agrisultural land for the
f.y. 2011-12. so which are the ways to save the max tax. |
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| Posted by: KANAKARAJU |
August 08 , 2011, 14:22 IST |
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| MY Brother gifted a commercial property of 8Sq yards of worth 1,50,000/- in 2000.After that due widening of road i constructed a new building by sparing Rs1,50,000/-.Now i was sold it to Rs 6,00,000/-. how i have to show it in income tax and what amount i need to pay as income tax |
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| Posted by: M G MANJUNATH |
July 20 , 2011, 10:22 IST |
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| Sir, recently my father sold a site for Rs.1900000.00 at Mysore and the valuation done was for Rs. 1000000.00 and rest was given in cash by the buyer. The amount of cash received in full was divided as 5 shares and each one of us got Rs. 356000.00. I have deposited the cash received in Karnataka Bank for 2 years on monthly interest basis. The question now is., how do I show the same in my IT returns, s my annual income is Rs. 300000.00 by salary. Pl. guide me. Thanks, M G MANJUNATH +919731790173 |
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| Posted by: simhasuresh |
June 05 , 2011, 10:56 IST |
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| I have purchased a house property in the year-2004,october at Rs8,40,000 and I was availling HBA benifit in Tax returns. Now ,I sold the property in the year2010 october for Rs 13,20000/=and cleared Loan amount Rs 5,20,000to Bank .I want invest/purchase a property.please tell me how to adjust tax and what is the time limit for reinvestment and what is the tax liability.wether i have to show this F-year Taxreturns(i aready paid my tax through TDS)Pl. sajust me
Avaiting your kind & early reply, Thanks & Regards, suresh |
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| Posted by: MGVSridhar |
April 17 , 2011, 22:00 IST |
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| My father wants to dispose his property by demolishing the existing uilding and giving it for Development to a builder for flats.
We will be eligible to get 5 flats, which are being gifted to me. my brother and my mother, one each.My father wants to keep two flats in his name and one of which he wants to surrender.In such a scenario how will the taxation be worked out.
Sridhar ,Chennai |
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| Posted by: kumud shah |
March 29 , 2011, 00:33 IST |
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| I Want to no the future of allied degital jupiter bio and hotel lela |
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| Posted by: M K Dhar |
March 12 , 2011, 21:19 IST |
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| My late father was having land property. Now i want to sell the same. The value is roughly 15-20 lakhs. I am 70 years old & desire to distribute among family members. I am not at present tax payer as no pension. Pl advice how much there will be tax liability. Pl advice early.
Thanking u
Dhar Mk |
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| Posted by: ansang |
March 07 , 2011, 13:01 IST |
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| Can a lady gift sale proceed of porperty to her daughter-in-law |
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| Posted by: Kirti |
February 16 , 2011, 14:25 IST |
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| Dear Sir
If I purchase a house @12lac but according to registry area rate is 25lac .
So in future can there be any problem ? As I have heard according to new act July 2010 if sell or purchase in lower rate than DLC rate it will be treated as black money & later will have to pay 30% tax to IT ???
Is it true . Kindly guide . |
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| Posted by: M A Kumar |
February 02 , 2011, 23:04 IST |
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| I purchased a Flat / House during Dec 1992 for Rs 3.26 lakh and plans to sell it now (after 19 years)for Rs 25.00 lakh. My annual salary is Rs 8.44 lakh.
What would be the Inflation Index (CII) of Property of Dec 1992 to multiply and arrive at the purchase property Cost.
What would be long term Capital gain value, to arrive at Net Tax of 20 per cent.
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| Posted by: kunal sharma |
January 20 , 2011, 11:28 IST |
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| Hello Sir,
I have to sell our house. Please guide me about the taxes on the money after i sell the house and how to save the tax from it.
If i have to spend half the amount in purchasing new house and save remaining money, how should i invest the remaining money?
Appreciate your kind reply,
Thanks & Regards,
Kunal |
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| Posted by: SUNIL KUMAR |
January 16 , 2011, 10:27 IST |
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| sir i purchased a house at bahadurgarh in 2007 for rs. 300000.00 and sold it for Rs. 1600000.00 in october 2010 now. further i have invested in purchasing a new house of rs. 5500000.00 how much tax i will have pay and what will be the treatment of sale of property. please let me know. |
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| Posted by: Somayajulu A S |
January 12 , 2011, 17:54 IST |
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| I purchased a flat @ Rs 400000 at Hyderabad in 1999 by borrowing Housing loan Rs 275000 from HDFC.
I lived in this house up to 2002(4 years).
I availed tax benefits till date on housing loan repayments.
I also availed top up loans to the tune of Rs 350000 for improvement of the house from the bank in 3 instalments.
Now I sold this property in December 2010 for Rs 890000 and repaid principle outstanding of Rs 390000 to HDFC.
What will be the capital gain of sale of property which is taxable. |
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| Posted by: Joseph John |
December 20 , 2010, 09:26 IST |
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| i have sold my flat in thane in dec 2010 for Rs 15,000,00.The bought this property in 1987 at the price of Rs 50000.The registration was done on the cost price wht will be the tax i got to pay |
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| Posted by: surabhi Karpe |
December 12 , 2010, 14:52 IST |
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| My mothers want to sale her plot, what procedure of sale amount deposited? |
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| Posted by: sahu |
November 12 , 2010, 15:11 IST |
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| if somebody has two flats at a time and pay the installment of both the flats. my question is can he take the set off of both the installment.
if not then, my another question is last year [fy:09-10] he took the set off of old flat now in this financial year [10-11] he wants to tke the set off the new flat registration fees & installment.
please guide me. |
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| Posted by: micky |
September 04 , 2010, 21:08 IST |
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| I have a property in bandra which is wrth approx 1.5 cr and i am planning to sell it and divide the money in two halves.Assuming tht i will have 70-75lakhs once the property is sold and i intend to buy a property of around 45 lakhs how much tax will i incur on 1)sale of the flat 2)the income tht i have at my disposal after buying a new flat |
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| Posted by: Neeraj Kesarwani |
September 02 , 2010, 07:11 IST |
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| I want to sell a house in India and take the money including profit to buy another house in Australia for living. Do I need to pay tax on the income from the sale of house in India ? |
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| Posted by: Ur |
August 16 , 2010, 11:04 IST |
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| If a land which was purchased in 1960 is sold today. Obviously the selling price will be many fold. How will Profit and Tax be calculated? |
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| Posted by: sonali |
August 05 , 2010, 20:30 IST |
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| I HAVE SOLD A HOUSE IN GREATER NOIDA ,UP, FOR RS.45 LACS ON JULY,2010. BUT THE COST WAS 20 LACS.I WAS AN ALLOTEE THERE.THE REGISTRY FOR THE SAME WAS DONE IN MARCH,2006. IT WAS ALLOTTED TO ME IN DECEMBER,2000. THE PAYMENT WAS DONE IN INSTALLMENTS FROM 2001-2005 ,HALF YEARLY.WHAT WILL BE THE TAX ON IT? |
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| Posted by: Parmod Kumar |
July 28 , 2010, 11:01 IST |
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| I had purchase a flat in June 2003 costing Rs. 9,00,000 registration additional and now in July'10 I have sold my property for Rs. 16,00,000. Kindly let me know what will be my long terma gain and how much tax liability is toward me. Can I purchase a land and get get tax rebate on the said gapital gain. |
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| Posted by: Sridhar |
July 11 , 2010, 16:17 IST |
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| I would like to sell my apartment which I bought 8 years ago. After selling my house, I plan to construct an indepnedent house in my site and one more house in my wifes site from that amount. In that case, do I need to pay income tax? if not what is the doucmentation or procedure I need to follow? Please advice. |
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Posted by: Raj | December 15 , 2010, 22:45 IST |
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sir,i have construct home in 2005, by taking home loan 6 lac. i sold that home for 15 lacs in May 2010. i now Purchased new home in may 2010 for 27 lacs with home loan 15 lacs.what will be the tax on sold home & can i take benifit of tax on repayment of new home loan. |
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Posted by: chris | July 17 , 2010, 21:01 IST |
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just sell and get lost |
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| Posted by: Vishal |
June 30 , 2010, 20:46 IST |
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| I want to purchase a home and for that my relative gives me rs. 1000000 as a cash to deposite in my saving account. My annual income is 600000. Is there any problem for bank entry? |
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| Posted by: surve |
June 30 , 2010, 16:33 IST |
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| I purchased a 2bhk in august 1999 for 1600000/,the agreement value was 1300000/. Now I wish to sell the above flat for 90,00000/.It is jointly owned by my wife.I am working on a ship on foreign shores and out of the country for 6 mnths ,hence I have got an NRI status.
I would like to know how do I invest my money so I can have a running income,and pay minimum tax,I am not planning to buy another property . |
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| Posted by: Anurag Patel |
June 30 , 2010, 11:39 IST |
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| We recently purchased a property of 2200 sq ft. The purchase was done in current financial year. Now we are thinking of selling a residencial plot which is around 3000sq ft in this financial year itself. I had heard that if you want to save on taxes by selling property, you need to buy a property against the property you sell. So, in our case would we be able to save myself from property tax as we purchased and going to sell property in same financial year. Please guide. regards, anurag. |
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| Posted by: Sandeep R |
June 13 , 2010, 10:37 IST |
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| Hi,
My yearly salary is 6,00,000 and I had purchased a house(possed by me itself) at 6,70,000 in april 2007 and now i am selling it for 17,75,000...And i have been taking the benefit of Housing Loan past three years. I would be re-investing the money in property again. So do i need to pay the tax. and if yes then how much ??
Thanks
Sandeep R |
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| Posted by: Syed |
June 09 , 2010, 10:36 IST |
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| My dad purchased the property for 2lakh in 1994 then he want to transfer in my name he mentioned as selling to for 6.5lakh and now i sold it for 26.5lakh. and this money is for my sisters marriage how do i save the money from tax or how much i have to pay for the tax. |
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| Posted by: shyam |
May 28 , 2010, 14:18 IST |
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| Hello,
We are now staying in a combined flat , one of which on name of my late father. i want to give share to my brother and sister. i decided to sale my own flat and give share to them and with remaining money i shall book new flat ouskirt of Mumbai. Shall i need to pay Income tax on money come out of sale of flat or share to my brother and sister. |
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| Posted by: Vivek |
April 22 , 2010, 12:41 IST |
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| Hi
My parents have sold their ancestral home purchased in year 1980.
They have sold this home now.I'm have purchased another house 2 year before and have taken home loan against it.
Can I avail tax benefit if my parents show this amount as a gift tax to me and then I repay my home loan with this money.
Thanks
Vivek |
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| Posted by: Prakash Chand |
April 13 , 2010, 12:19 IST |
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| I wish to dispose of part of my house by sale. The house was constructed in part from 1990 to 2000. The expected sale proceed is about 12 lacs. The record of cost of construction has not been kept. What will be my income tax liability. I am showing income from housing property for this portion in IT return for the rent being received. |
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| Posted by: sadhu |
March 09 , 2010, 22:38 IST |
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| i purchased a land and sold in two days what about capital gain tax |
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| Posted by: Brian |
February 28 , 2010, 18:21 IST |
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| I purchased a flat in 2003 for 4.75 and now selling to close debts of Rs.8.3l house related loan and 4 lakh personal loan.If i sell my flat for 16 lakh close the loans , buy another flat for 15 lakh on loan with down payment of the surplus left.how will i be taxed and if taxed how much .how to get tax benefits. |
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| Posted by: Brian |
February 28 , 2010, 18:21 IST |
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| I purchased a flat in 2003 for 4.75 and now selling to close debts of Rs.8.3l house related loan and 4 lakh personal loan.If i sell my flat for 16 lakh close the loans , buy another flat for 15 lakh on loan with down payment of the surplus left.how will i be taxed and if taxed how much .how to get tax benefits. |
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| Posted by: ABHISHEK |
February 20 , 2010, 15:36 IST |
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| i had purchased a property @2100,area 840 SQ FT(total cost--Rs.17.64 lakh) in may,2007.i am planning to sell the same now @ 4100/sq feet(total cost-Rs3444000).My obligations are:-hOME LOAN-rs.13.20 lakh(current property) ,PERSONAL lOAN RS.2.05 LAKH,GOLD LOAN-RS.2.27 LAKH.I will be purchasing a new property for an amunt of Rs 19 lakh in 1-2 month.will I hv any tax obligation? |
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| Posted by: Aman |
February 19 , 2010, 16:29 IST |
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| I purchased a house in 1960 for Rs 10000/- thousend and sold it 2010 Rs 20000000/-. Do I need to show the capital gains as part of my income? What would be capital gains tax?
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| Posted by: Avinash |
February 11 , 2010, 19:16 IST |
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| Whoever is this CA is great ..
He has given very specific answers. Thanks for giving clear information.
Avinash |
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| Posted by: RameshKumar |
January 22 , 2010, 15:55 IST |
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| I purschased a flat in Spetmeber-2007 an amount of Rs. 7.60 lakh and I alrady sale the said flat an amount of Rs. 10.50 lakh on Jan.10, kindly advise about my tax, how much i will pay the tax?
But on sale amount I purscased the land in same amount (Rs. 10.50 Lakh) in Jan-10 can be the tax expempted or I should be deposit the TDS.
with thanks regards,
regards,
ramesh |
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| Posted by: sanjay |
January 16 , 2010, 23:12 IST |
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| my father and i have bought open plot alongwith many others in 2004 now we have made a society and building flats. i wish to sell one out of two flats i am getting will it be taxed? what can i do to save the tax |
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| Posted by: Yasir |
December 20 , 2009, 13:57 IST |
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| If we purchase an old house (built 1940) whose market value is Rs 10 lakhs - while according to government circle rate it is 6 lakhs value - and we purchase the stamps over 10 lakhs for registry.
Than - will the Income tax department demand the details of our full 10 lakh payment or on the 6 laksh - according to circle rate. Please reply. |
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| Posted by: tejveer |
November 12 , 2009, 14:22 IST |
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| my dad has sold his house for 10 lacs.
He bought it before 15 years & after paying loan term of ten years he got the registry of house. he is on his pension now. & going to build new house in village with in 5-8 months.
will any tax be applicable. |
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| Posted by: aziz |
October 25 , 2009, 15:27 IST |
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| I bought an apartment after taking a house loan. If I sell it after 3 yrs I am told that along with Long term capital gains I am also liable to return the Tax benefit that I received for Home loan interest. Can the tax benefit on home loan Interest be offset like the long term capital gains if I buy another house or apartment ?
thanks,
aziz.
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| Posted by: ANIL |
October 12 , 2009, 16:54 IST |
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| MOTHER 79 YEARS & A SON 48 YEARS JOINT OWNERS OF RESIDENTIAL PROPERTY IN NAVI MUMBAI PURCHASED IN 1985 BEING SOLD. WHAT WOULD BE THE TAX IMPLICATION ON SUCH TRANSACTION ON MOTHER & SON? |
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| Posted by: santosh |
October 09 , 2009, 21:54 IST |
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| I SOLD 50 GRAMS GOLD AT ABOUT RS.1LAKHS . WHAT WILL THE CAPITAL GAIN TAXON IT. BUSINESSMAN |
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| Posted by: Shouya |
October 05 , 2009, 17:39 IST |
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| Hi,
I have purchased a flat in 2005 for 4.5 lakhs.
and then in 2006 i have purchased another flat for 24 lakhs on loan.
loan amt is 21 lakhs. I want to sell my old flat and repay my current loan.
old flat cost will be around 12 lakhs.
Thanks
do I have to pay tax on thsi money. |
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| Posted by: Bunty |
September 29 , 2009, 17:34 IST |
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| Sir I am getting a salary of Rs. 10.3 lacs per anum since 27th May 2007
I sold our ancestral property bought in 1962 for Rs 18.0 lac in Feb 2007 & got payment of Rs 9.0 lac in my name & Rs 9.0 lacs in Fathers name But we didnt show it in the return file. My father expired on 5th Dec2007.
Now i want to purchase a Flat of 50.0 lacs in my name. As per my Form 16 from April 2003 till date our dedn of Income tax & saving my summations comes to around 15.0 lacs
Also i m planning for 15.0 lacs home loan
Some of my amount i am taking from my mother & plann to directly Pay through her account to the developer Also i m planning the payment of 18.0 lacs through my mother signed cheque to the developer, Is it right from IT point of view
My father is no more & he has not filed any returns nor my mother has filed any return
Are their any tax liabilities in buying a flat of Rs 50.0 lacs
Please guide me
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| Posted by: Rajat |
September 22 , 2009, 17:03 IST |
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| I have purchased an industrial property in 2007 for Rs 35 lacs in Faridabad. I am selling off this property now for Rs 75 lacs. Do I have to show the capital gain as my income? can I save this tax? |
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| Posted by: PNaik |
August 19 , 2009, 16:19 IST |
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| sir, details r as under 1. I had purchased a flat in joint name of my wife at location X in the year june 2007 for rs 12 lac 2. I want sold the above property now for rs. 26 lac. and will be purchased a flat in location Y . What are my tax liabilities after the sale of above flat. |
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Posted by: jitender | September 03 , 2009, 00:28 IST |
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I received Flat2BHK(mkt cost)1.2cr) in redevelopment scheme against my old 18yrs old Rental(paghdi)flat. I want to sale it,what will be my Tax Liability? flat on joint name with my brother. |
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| Posted by: surinder |
July 31 , 2009, 19:51 IST |
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| sir,
details r as under
1. I had purchased a house in joint name of my wife at location X in the year feb 2003 for rs 5.86 lac
2. I sold the above property in May 2009 for rs. 13 lac and purchased a house in location Y for rs. 13 lac
3. While filing IT return , do I have to mention about it?
What are my tax liabilities after the sale of above house.
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| Posted by: bharmal |
April 15 , 2009, 19:58 IST |
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| I received Flat2BHK(mkt cost)1.2cr) in redevelopment scheme against my old 18yrs old Rental(paghdi)flat. I want to sale it,what will be my Tax Liability? flat on joint name with my brother. |
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| Posted by: Seema |
March 07 , 2009, 18:22 IST |
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| In case of longterm capital gain tax on property sale, 36 months period is from date of registration of purchase of flat or date of completion certificate? |
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| Posted by: rupesh |
March 05 , 2009, 13:54 IST |
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| Dear Sir,
I have sold the flat on Rs.11,00,000/-.
How much tax i want to pay the amount.
Thanks & regards,
Rupesh |
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Posted by: v.s.savant | March 17 , 2010, 09:30 IST |
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I want to know the I.Tax to be paid for the flat sold for Rs.5,15,000/-as I have not purchased a flat during the same financial year? |
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| Posted by: sanjeev |
February 25 , 2009, 19:40 IST |
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| i earn 1 lac from intra day trading and 70000 loss from deliveries wich i traded during the year, what will be my tax calculation |
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| Posted by: Deepak |
February 16 , 2009, 14:31 IST |
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| I have a flat 3BHK purchased 2 and half year back, planning to sell this year for roughly INR 45 lakhs. what is the tax i need to pay if i do not invest in 2 years |
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| Posted by: kapoor |
February 07 , 2009, 22:53 IST |
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| Our ancesteral house is under division between 2 brothers and 1 sister.I am the youngest brother presently staying in the house and 1 brother and 1 sister staying elsewhwer want their share-in terms of money. Iam entering into a collaboration with a builder who is ready to pay the amount for my brother and sister in lieu 2 floors of the premises , with 1 floor for me.How is the money part to be given to my brother and sister- 1. can the builder make payment directly to my brother and sister.
2. or will he make payment to me and i have to pay off my brother and sister.
What about the tax implications in each case.
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| Posted by: kapoor |
February 07 , 2009, 22:44 IST |
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| I have a house in Vasant Kunj New Delhi. The house is jointly in the name of self and wife.Please clarify whether the rental income received can be divided between self and wife for taxation purpose. |
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| Posted by: Inderjit |
January 10 , 2009, 21:36 IST |
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| I purchased a property in March 2007 for Rs 1.8 Lacs and sold it in November 2008 for Rs 12.4 Lacs. What is the amount that I need to pay for tax. Is there a way by which I can invest & save tax? |
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| Posted by: Madhav |
December 30 , 2008, 13:57 IST |
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| I had purchased a flat in 2001 at 25 lakhs and have sold it in 2008 for 74 lakhs.
In 2005 i purchased another flat at Rs 45 lakhs. I have a loan of 38 lakhs on this property.
The proceeds from the sale of the property will be utilised to repay this loan of 38 lakhs. Will i still be charged tax on the capital gains of 49 lakhs |
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| Posted by: B.N.Nagendra |
December 03 , 2008, 14:50 IST |
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| I have purchased a house in March 2005 for 11.00 lakhs & got Housing loan from Vijayabank, due to some financial problem I sold one of my site which was gifted from my mother thru gift deed during 2005 for Rs.9.50 lakhs & repaid the loan amount to Vijaya bank around Rs.10.50 lakhs. till today my loan o/s. is Rs.1.07 lakhs in VB. Do I have to pay Income tax for the property sold? is there any exemption for the loan repayment. Pls. reply in this regard |
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| Posted by: nidhi |
December 01 , 2008, 16:16 IST |
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| i soldahouse which i purchased in 1953 for 35000 in which i had ground floor and got 50 percent share. and it comes to be around ten lakhs.can i purchase two houses.to save tax. and give one on rent.and invest left amount in f.d. for three years locking period. |
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| Posted by: prashant |
November 24 , 2008, 11:03 IST |
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| My parents are tax payers.In FY 00 a flat for Rs 3.46 was bought by mother.In 03 both took joint home loan for Rs 15 lacs for home const.My father avails tax benefit towards principal amount deduct& interest payment. The flat has been sold by my mother for amount of Rs 1000000 this year.
Now we want to know:
1.Liability of long term capital gain in this transaction.
2.In case we pay the outstanding house loan on us from this capital gain can we claim benefit under long term capital gain.
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| Posted by: P.G.Dongre |
November 22 , 2008, 14:51 IST |
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| Sir,
for calculation of cost inflation index, where do I get these figures from? Can you let me know the appropriate authority? Thanks |
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| Posted by: s.c.kapur |
November 19 , 2008, 13:28 IST |
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| please make it more clear. where will you get forms to invest in NHRI Bonds or rural electrification bonds.
where to submit the bonds and how much interest is being offered.
many thanks |
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| Posted by: nitesh_21 |
November 02 , 2008, 13:42 IST |
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| Hi,My Dad Sold One Property At Rs.11 Lac,The House Was Constructed In The Yr.1972. How Munch Tax We Have To Pay On This ... & Kindly Provide The Ifromation On Capital Gain Tax A/C With The Bank & If The Amount Is Not Used Within 3 Yr For The Construction Of House Or Repurched With In 2 Yr. How The Tax Will Be Calculated On This Amount Which Was Deposited With The Bank In Capital Gain Tax A/C. |
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| Posted by: Ravi |
October 25 , 2008, 12:02 IST |
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| For Calculation of Capital Gains Tax and applying CII, should we take Year in which the property was booked with Developer or the Actula date of possession OR the date when I am informed that the propert is ready for possession OR when I make full payment?
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| Posted by: jai |
October 01 , 2008, 15:22 IST |
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| Hi i am jai singh rajawat i want to konw about the income from sold of property |
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| Posted by: surya77 |
September 10 , 2008, 01:24 IST |
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| I have bought a prebuilt house in bangalore from a known person on 31st march 2007. He is now asking me to provide him a copy of sale deed so that he can file his tax returns. Its sept 2008 now and I am not sure why he needs sale deed copy for his tax returns. There are many instances where crooks reproduce original documents from photocopies. I am skeptical about giving him a sale deed copy. Appreciate any suggestions to work around my thoughts.
Thanks |
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