Capital Gains

Forums Capital Gains


Question Category : Capital Gains

    • What to do if we get an income tax notice

      It looks like for AY: 14-15 and 15-16, one of my relative who happens to be a senior citizen has received an income tax notice for not clearly declaring the equity shares purchase and sales. It looks like he might have missed entries for this. What would be the next steps for him please advise.

      Profile photo of shilpa Asked By: Anonymous 2 replies 1 helpful answers Last Updated: 3 weeks, 6 days ago
    • Double taxation query- India and USA CGT

      My Sister in law booked a property in her name in Delhi. She had moved to USA by the time it got allotted many years ago and didn’t want it anymore. I paid the builder and took over possession whilst keeping her name on the deed. Since then I too have moved to the UK. We now want to sell the property and pay local capital gains tax in India and repatriate the monies. However, the payment can only be made in her account as she is still the legal owner. She doesn’t have an Indian account and will need to open a new account. Question on I have is-if she opens a NRO account and pays the NRI tax on property sale would she still have to pay the US tax? As she never made any payment towards the property, effectively, I will have to bear the cost of any taxation. Trying to find an effective way. Many thanks.

      Profile photo of Amitabh Saini Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 5 months, 3 weeks ago
    • Re-investing Sale proceeds of Property (bought 2009, sold 20

      The query is with ref. to the Long Term Capital Gains on a property; a residential property purchased in 2009 in the name of my wife for an amount ~ 13 lacs and sold in 2017 for an amount ~38 lacs. The indexed cost of acquisition comes close to 19 lacs. The LTCG thus is 19 lacs.
      However, she spent all sale proceeds to buy a residential property in the name of her Sr. Citizen inlaws (my parents). This new property was bought for 80+ lacs. Does the original LTCG of 19 lacs qualify for exemption (when new property bought in the name of ageing parents / inlaws) or will it still be considered as LTCG to be paid for?

      Profile photo of Pankaj Garg Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 5 months, 4 weeks ago
    • Tax liability on long term capital gains

      I am a salaried individual in 30% IT bracket. In year 2008 I made a agreement with a builder to purchase a under construction flat for 14,50,000. Upto Jan 2010 I paid 6,45,00/-. The builder failed to complete the project and I approached consumer court. The consumer court gave verdict that the builder shall pay back the amount along with 9% interest. I got 12,00,000/- recently as per the court verdict. Please advice me regarding the tax liability.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 5 months, 4 weeks ago
    • Seller worried about tax..he is much worried

      Hi Laxmi

      I am purchasing flat which is more than 10years old for 18 lacs.
      Seller has purchased 10 years back @ 6 lacs.

      Present govt municipal value is 12.6 lacs.

      Home loan approved amount is 18lacs
      Cheque will come on seller name 18lacs.

      My question is does seller need to pay profit gain tax for resale property? Let me know how to avoid any kind of tax to be paid by seller…as he is worried.

      One hint::: seller is going to buy another new property simultaneously from some other buyer

      Profile photo of Anil Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 6 months ago
    • Capital gain on sale of residential plot of land

      I was allotted a plot of land in Gurgaon in 1990 for Rs 68000/ paid in instalments upto 1994 Sale deed executed by Developer in August 2000. I sold this plot of land in Dec2017 for Rs 1 crore.& paid Rs 1 lac as sellers brokerage I am told that for calculating cost indexation of property the base year has been changed form 1981 to 2001 in budget2017 applicable from 01/04/2018 & govt circle rate of 2001 accepted by Sub Registrar for registration is to be taken as cost value of plot of land as on 1April 2001 for cost indexation.I have so far not invested the above amount in purchase of any other property. I request to guide as I have to file the tax return .since it is sale of plot of land in ITR return the long term capital gain will be shown under which section 54 or 54 F .As I have to open capital gain account with PSB before filing of return before 31 July 2018 so for how much amount will be deposited in capital gain account whether it is sale considerations ( Rs.1 crore ) or Net Sale consideration after brokerage ( 99 Lac ) or long term capital gain amount calculated arrived ( Sale value – Brokerge – indexed cost calculated taking 2001 as base year for claiming exemption under long term gain on sale of plot of land. And whether the interest earned for about Rs.2.5 lac upto 31 March 2018 on above sale amount kept in deposit will be reported & included in other income from interest on deposits in ITr return of FY 2017-18 to be filed.In case I am able to trace the new residential house then how much amount I will have to invest in purchase of new house to claim exemption for long term capital gain whether is sale consideration , or net sale consideration after brokerage or long term capital gain amount so calculated as above asI have sold the plot of land

      Profile photo of Pramod Asked By: Anonymous 2 replies 0 helpful answers Last Updated: 6 months ago
    • Tax while receiving RSU and selling them

      I received 100 RSUs from an Indian company in Aug 2017 and they collected the tax amount for the difference of facevalue and market value. In Nov 2017, I sold some of those stocks under company’s buyback offer. The price I received was slightly higher than the stock price at the time of vesting. How to report these transactions in my IT returns

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 6 months, 2 weeks ago
    • Are my taxes owed on cryptocurrency gains too low? Only 4% o

      I have filed my taxes and the profit I made from daytrading cryptocurrency is only 4% according to TurboTax. I was expecting my profits to be taxed by 15%. I received a 1099-k from the online exchange that I use to trade, but they only included the gross dollar volume traded and the number of trades I made. They didn’t include my initial cash deposits or profit/loss from trading in 2017. I know my profit from the 2017 trading year. I followed the instructions from Turbotax’s site to enter the gains as income from realty/royatlies since the government considers cryptocurrencies property. When I saw the amount owed was only about 4% of my profits I tried to enter it as capital gains from stocks/bonds to see if there would be a difference in the amount owed. It gave me the same number, about 4% of the total of my profits. I am a U.S. citizen, but I have lived and worked in China for the past five years. I pay income tax to the Chinese government, so I apply for Foreign Earned Income Exclusion every year. My income was about $16500 this year. Is this the reason my capital gains are being taxed at a lower rate? Or have I done something wrong?

      Profile photo of Michael Compton Asked By: Michael Compton 1 replies 0 helpful answers Last Updated: 7 months ago
    • Tax on property received as compensation

      Hi all my question is I had purchased agricultural land from a realestate company but they could not deliver it due to some reasons.Instead they have given me a 2 bhk apartment in another project as a compensation, is this compensation taxable and at what rate.Thanks

      Profile photo of Mahesh Dsa Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 1 week ago
    • ULIP surrender and tax implication in 2018

      I had taken ULIP policy in 2004, since then I am paying premium yearly and policy is still in force. I never missed any premium. Policy has completed 14 year. Now if I surrender this policy, what will be the tax implication on the additional amount I am going to receive( other than total premium paid).

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 3 weeks ago
    • Capital Gains Tax on land property payable

      I had purchased a land property in year 2000. Due to marital discord, fearing alimony, I had gifted the same to my sister in year 2015. Does my sister have to pay any income/ capital gains tax on the same? Can this property now be returned/ refused by my sister? I now intend to sell this property. Kindly suggest means to minimize my tax outgo.

      Profile photo of Balaram Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 3 weeks ago
    • Capital Gains Query on Sale of Flat of AY 2017-18

      I did income tax filing thru your company. There was a loss in Flat sale. I have following queries :- 1) In my cost I did not consider few of amounts which I spent for better maintenance of house. Amount which I spent was about two lakhs. This amount I spent on window replacement, Kitchen Work, Painting of house and Wooden Work. Please advise if I can refile my return to increase by Capital losses. Your inputs will be helpful. Thanks.

      Profile photo of Rakesh Khurana Asked By: Rakesh Khurana 1 replies 0 helpful answers Last Updated: 8 months, 2 weeks ago
    • Amount credited and debited r returned after 5-6 months

      Sum of 5 lacs credited by client who was wishing to purchase my property. But after 3-4 months he canceled his wish and i ve return back that amount after 5-6 months within financial year. Is it taxable to me or credit and debit of same amount between same accounts, will be considered?. Please guide me.

      Profile photo of Shalik Asked By: Shalik 1 replies 0 helpful answers Last Updated: 8 months, 3 weeks ago
    • how to calculate long term capital gain

      DETAILS OF PROPERTY AS UNDER:

      DATE OF PURCHASE……. 04/05/2013 COA= RS 79,00,000/ -( INCLUDES STAMP DUTY OF RS 4,00,000/-)

      DATE OF SALE ……….. 04/09/2017 SALE PRICE= RS 1,05,00,000/-

      I HAVE CALCULATED AS UNDER……..

      INDEX COST OF PURCHASE 272/220X79,00,000= RS.97,67,272/-

      CAPITAL GAIN RS. 7,32,728 ( RS. 2,44,243/- EACH SINCE THE PROPERTY IS IN THE NAME OF THREE PERSONS)

      I WANT TO OPEN THREE CAPITAL GAIN ACCOUNT IN NAME OF THREE JOINT HOLDERS SEPARATELY. PLEASE CONFIRM IF MY CALCULATION IS CORRECT IF NOT PLEASE HELP IN ARRIVING AT FINAL AMOUNT.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 9 months, 3 weeks ago
    • Captal Gain on prooerty purchaed on Bayana ( only 10% ) paym

      Mr. A purchased a shop from B for 3,20,000/- in 2008 by giving Bayana Rs. 50000/-and took possession without Registration. In 2017, B sold this shop to MR K with written consent of A for 11.00.000/-by Registering the shop in the name of K. Thus A got Rs. 11,00,000/- on sale of shop by B with consent of A. In this case whether it is short term or long term Capital Gain and amount of capital Gain ?

      Profile photo of Ajay Kumar Mahajan Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 9 months, 3 weeks ago
    • Accrual of Tax liability while transferring property right t

      I am an owner of a property and now I want to sell it to my uncle (my father’s own brother) through a Sale-deed. Please tell whether any sort of tax (capital gain or any other) accrues from such transaction or not? Also please tell whether it is a long or short term capital gain (if it is really taxable under capital gains tax system) if I am owning this property since 2008 and now its stamp duty valuation is around 25 lacs?

      Profile photo of Sanjay Agarwal Asked By: Sanjay Agarwal 1 replies 1 helpful answers Last Updated: 10 months, 1 week ago
    • Which ITR form to be used for NRI for Capital Gain

      Hi, I am an NRI with taxable Indian income only from interest (Savings/FD) & equity (dividend/profit/loss). Which ITR form shall I submit (eg. ITR-1/2). I am a salaried person in Middle-East. If I want to book short term capital loss from equity this FY, which form to be used? Thanks.

      Profile photo of Gaurab Bhattacharya Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 11 months ago