My parents had a small flat 250 sq ft carpet area. I got it from parents after the demise in 2017 as I am legal heir. My only sister gave her release deed relinquishing her stake in March 2019. Flat went for redevelopment in August 2019 based on the Permanent Alternate Accommodation Agreement. During the redevelopment, I gifted the same under construction flat (before possession) to my wife in March 2022. New flat possession received in March 2024 in wife's name (484 carpet area). Question: If wife sells it in june 2024, will it be LTCG or STCG? When should…
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Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
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My pagdi flat where I was residing since 1997made ownership after redevelopment. we signed documents for alternate accommodation and other in 2014. Possession on after development received in June 2021.Now while selling of this flat what will be the acquisition date for gain tax.
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If i have a capital gain from equity mutual fund of rs. 400000 after deducting rs. 100000, my gain tax will be 40000 rs. If it is to be set off against long term capital loss, i have to saw loss of only 40000 or 400000 rs?
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An assessee is owning old residential house and also plot of land. Both the assets are long term capital assets. Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct new house. Can assessee claim Long term capital gains exemption u/s. 54F arisen from sale of plot against the construction of new house in place of old demolished house . Also As the construction of new house will require handsome amount, Assessee's Daughter in law which she is also having Plot of land will sell said plot and…
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Is it possible to defer tax on capital gain by making a clause in agreement that transfer is piecemeal on payment only ? Is it possible to adopt cash basis of accounting for capital gain ?
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Respected Sir, Can you share the judgement, wherein it has been held that - if the seller of immovable property is NRI, the buyer can deduct tax (TDS) on NET CAPITAL GAIN if the seller furnishes CA CERTIFICATE WITH CAPITAL GAIN WORKING.
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reply by mr. Bekal is ambiguous. the question is " so dissolved firm due to death of one of two partners payment of 50 lakhs by remaining partner who will continue the business as proprietor or take some other as partner whether firm should pay tax on goodwill or otherwise one view in bcaj says that payment to legal heir is not taxable issue being common views of many persons needed my view is it is not taxable as legal heir is not partner
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In calculation of deduction under section 54F whether actual sale consideration will be considered for net sale consideration or 50 C will you will be considered
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Tax clarity on sale of redeveloped flat – ltcg or stcg