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I had sold old bungalow in Kothrud pune & want to know capital gain tax. The details are as follows: Plot area: 2540 sft Building: 600 sft Cost of purchase: Rs.225000/- Year of construction: 1983 Year of sale: 2011 Sale price: Rs. 9500000/-

Asked by Vilas Karambelkar (1) in category Property Taxation Queries on Jan 13 at 8:40 pm

Lastest answer posted on Jan 17 at 11:31 am

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i m planning to but on flat in vasai its a new construction.Please let me know should i hv to pay any property tax fot it now and should i have to pay the tax in future if yes then how much.Pls help me

Asked by Mitesh (2) in category Property Taxation Queries on Dec 17 at 11:26 am

Lastest answer posted on Dec 26 at 11:03 pm

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I have the following query: Our 3 families (father, brother & myself) are staying in a flat worth 14 crores which is in my father's name Due to shortage of space we plan to sell this flat and take 2 separate flats for brother and myself. Our parents will stay with one of us. We plan to sell this flat within the next 2 years. We plan to purchase 2 flats of approx 4 crores each where father will be common joint owner for both. Second holder will be my brother and myself My father wishes to build a house at our agricultural land in Maharashtra itself worth 50 lakhs in name of father and mother Planned usage of the sales proceeds: 14.00 crores existing flat ============ 1.00 crore for commission / transfer / etc 8.00 crores 2 new flats 0.50 crores for agricultural land house ----- 9.50 crores 3.00 crores tax saving bonds ----- 12.50 crores ===== Amount subject to Capital Gains Tax 14.00 crores - 0.50 crores purchase value (after indexation) -12.50 crores new property and tax saving bonds (as above) ------ 1.00 crores 30 lakhs as tax @ 30% 70 lakhs in hand after tax In case the above calculations are incorrect, kindly correct them My Queries 1. What would be the expenses on sale of flat - transfer fees, stamp duty and other govt expenses ? 2. Would the expenses spent on furnishing the new flats be eligible for deduction from Capital Gains Tax? 3. Would it be advisable to add our wives and children's name as co owners keeping in mind future taxation of sale of the new flat? 4. In case we do not want to invest in tax saving bonds and opt for another property which will be rented out, will this be considered for deduction for capital gains? 5. Would it be advisable to add our mother also as joint holder in all properties? 6. As there would be multiple residential properties in my father's name, what would be the status for them as per Income Tax laws? 7. Would it be advisable to add joint owners to the property before selling it? (Only from the taxation point of view) In case the new tax laws come in force at the time of sale, what would be the new tax calculation for the same?

Asked by Vivek (1) in category Property Taxation Queries on Nov 19 at 4:41 am