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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
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Mr. kumar sold his residential house property at pune 7 18,00,000 on 23rd april, 2017, which was purchased by him on 11th april, 2014 for 7 9,70,000. value opt
Mr. Kumar sold his residential house property at Pune 7 18,00,000 on 23rd April, 2017, which was purchased by him on 11th April, 2014 for 7 9,70,000. Value opted for stamp duty purpose was R 26,40,000. On June 16, 2017, he purchased a house at Kolhapur for ? 10,00,000 for the purpose of residence of his daughter. What will be the capital gain taxable in his hand for the assessment year 2018-19. C.I. for F.Y. 2017-18 was 272 (A) 3,05,133 (B) 7 8,30,000 (C) NIL (D)16,70,000 please explain step by step
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Prof. dipak
✅ The option is NIL because there is some exempt from paying the capit gain tax, here are a few options- 1) you can purchase a new house from the gains of the transaction and you won't have to pay any tax . 🔹 Clarification That happened to Mr. Kumar case , where he purchased a house for his daughter I hope this question clear to you Another option where Capital gains tax is NIL as follows 2) you can also invest your long term capital gains in bonds of Rural electrification corporation limited and National Highway Authority of India for 3 years. However, please note that you can invest maximum Rs. 50 lakhs in these bonds in the financial year. 3) In case you don't wish to purchase another property immediately you can still save tax on the capital gains . All you need to do is to deposit in the Captial Gains Accounts Scheme (CGAS) in any of the public sector banks and you can keep the money there for 2 to 3 years . By the end of the period you need to make sure that the money is invested in a property, as otherwise it will be treated as a Capital gain.