Tax on housing - Sandy? - parent index ls magazine
My parents had a house was added in 2002, worth Rs.4.5 L. The current value of the house is indicated Rs.7 Lac
Well, if the house sells for Rs.25 L, my parents long-term capital gains 25-7 = 18 L
Now my questions are
1. This amount is Rs.7 L considred savings. Can children manage w / out paying taxes and if so, how
2. My parents want to buy another house at 15 rupees, L, and if so, my parents who pay taxes (18-15) - 3 L
Monday, January 11, 2010
Parent Index Ls Magazine Tax On Housing - Sandy?
3 comments:
If the amount of LTCG child is abused, the amount will lower their total gross income. You can take up to 1L, when to invest in the CNS and show a certain amount of insurance premiums and expenses paid for medical expenses. But the amount of savings to Rs 1L limited. This is in accordance with Chapter VI A of the IT Act, 1961.
The answer to this question is going to pay taxes on the gain L Rs.3. This is only possible if the amount will be used very shortly after the sale of property, to buy another property.
His 1st Q has no meaning.
2. Q is valid. According to Article 54 if they have invested in a dwelling house LTCG in 2 years, pay no taxes.
Exemption amount. The amount of the exemption under Article 54 is
• the amount of goodwill value, if the cost of new home ownership is more than the capital gains or
• amount of the costs of new residential property, if the cost is lower than the increase in value.
HMT
His 1st Q has no meaning.
2. Q is valid. According to Article 54 if they have invested in a dwelling house LTCG in 2 years, pay no taxes.
Exemption amount. The amount of the exemption under Article 54 is
• the amount of goodwill value, if the cost of new home ownership is more than the capital gains or
• amount of the costs of new residential property, if the cost is lower than the increase in value.
HMT
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