As per the IT Act in India jewellery is considered as a capital asset. Will gold coins/ biscuits be considered as jewellery or will it be considered as just a personal effect. If not, will such gold become a part of wealth to be taxed under wealth tax ?
A person sells a plot of vacant land, purchased over 3 years ago, and from the sale proceeds of the land, he proposes to purchase a flat so that he can avail exemption of long term capital gains tax under section 54F. However, if he already owns one previous flat(house property) can he still avail the tax exemption by purchasing a second house property? Is there any limit to the number of house properties one already owns, prior to the purchase of this new house property, in order to avail the tax exemption under discussion?
another house property. Can the person in question invest the long term capital gains in buying two house properties so as to avoid long term capital gains tax.
The announcement of India’s 2008 budget no the 29th of February seems to have had crippling effects on the SENSEX.
Factors such as the increase of Capital Gains Tax from 10% to 15% have adversely affected the nations stocks, as the SENSEX tumbled nearly 900 points on the 3rd of March, being the first working day for BSE after the budget. Im a major stake-holder,but not one with any technical knowledge about stocks, with holdings such as EXIDE, RELIANCE INDUSTRIES,BRITANNIA,REL COMMUNICATIONS,etc. I was planning to liquidate my investment before this downfall of the SENSEX, but now am helpless due to the rock bottom prices that my share holdings would fetch me. What does the future hold for stocks, especially concerning the SENSEX? How long may i have to wait till it regains its original highs? Your help and concern are appreciated most gratefully. Thank You.
I recently sold my property and liable to pay capital gain tax on the profit.
Can i gift same profit money to my parents (who have no income at all) , so that i don’t have to pay CG tax ?
Thanks in advance for your help
I havfe purchased a residential plot in coimbatore during 1988 and constructed a house spending around Rs. 2 lakhs. The cost of land is Rs. 24500. Now I am planning sell the land and buildings for Rs. 40 lakhs.I am not having any bills for amount spend for thew house. How to calculate capital gains tax for this transaction.
i have invested annual amount of 4000 for last 15 years .no income has been taken in my income tax return up till now
1.what will be the tax treatment on maturity?
2.will it attract capital gains tax
Our property is 50 years old & are developing residential scheme on our own (finance through bank – mortage loan against land). Out of say 4 units we are planning to sell 2 units & balance 2 units wiil be kept for self occupancy. In this case are we supposed to pay any capital gains tax? Experts Please respond.
As our company went into losses, we had large bank debts which had to be settled. The factory land and building was sold and the payment made directly to the bank to settle the debts. In fact even after selling the same, a small amount of debt remained outstanding. In this case when no sale proceeds has been received by me and when the company is also loss making is capital gains tax payable? What about properties sold under Bank DRT through SARFESI act?
I have two small flats. I wish to sell them and buy one property. Can I get capital gains tax exemption for both these flats?