Comments on: How to Calculate Capital Gains and What is Indexation ? http://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html Financial Planning , Insurance , Mutual Funds , Investments Sat, 11 Feb 2012 16:26:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Manish Chauhanhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35893 Manish Chauhan Tue, 31 Jan 2012 11:13:24 +0000 http://www.jagoinvestor.com/?p=172#comment-35893 Sunita 1. Your salary + profits from house selling 2. that depends on the income only .. upto 5 lacs it wouldbe 10% , 8 lacs 20% and above is 30% 3. same as 2 Manish Sunita

1. Your salary + profits from house selling

2. that depends on the income only .. upto 5 lacs it wouldbe 10% , 8 lacs 20% and above is 30%

3. same as 2

Manish

]]> By: Sunitahttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35707 Sunita Sun, 29 Jan 2012 12:56:07 +0000 http://www.jagoinvestor.com/?p=172#comment-35707 Dear Sir, I am govt. employee.My salary is 30,000 p.m i.e.3 Lakhs 60 thousand p.a. In jan,2010 I bought a flat @ 6 lakhs (5 lakhs from HDFC and 1 lakh from personal saving).Now I sold the flat in Jan 2012 @ 9 Lakhs.I have used these 9 lakhs in repayment of home loan i.e 5 lakhs and rest of the 4 lakhs used in buying the new flat. which i have bought @ 17,50,000 in the next week of selling the first flat.Rest of 13,50,000 arranged from HDFC bank.Now, If i am taking my salary as income then I will have to pay no tax for current financial year as i have invested One lakhs in LIC and bonds etc and payed the home loan interest. But Now after reading your discussion I understand that I will have to pay STCG. Now,please help me for following questions: 1) What will be my total income for tax.Is it including my salary and profitable amount both from selling the flat or only the profitable amount from selling the flat? 2)What will be my taxable income and taxable slab or %(percentage) for paying the tax? 3) Approx how much tax I will have to pay for current financial year? Please help me. Thanking you in advance. Thanks, Sunita. Dear Sir,
I am govt. employee.My salary is 30,000 p.m i.e.3 Lakhs 60 thousand p.a.
In jan,2010 I bought a flat @ 6 lakhs (5 lakhs from HDFC and 1 lakh from personal saving).Now I sold the flat in Jan 2012 @ 9 Lakhs.I have used these 9
lakhs in repayment of home loan i.e 5 lakhs and rest of the 4 lakhs used in buying the new flat. which i have bought @ 17,50,000 in the next week of selling the first flat.Rest of 13,50,000 arranged from HDFC bank.Now, If i am taking my salary as income then I will have to pay no tax for current financial year as i have invested One lakhs in LIC and bonds etc and payed the home loan interest. But Now after reading your discussion I understand that I will have to pay STCG.
Now,please help me for following questions:
1) What will be my total income for tax.Is it including my salary and profitable amount both from selling the flat or only the profitable amount from selling the flat?
2)What will be my taxable income and taxable slab or %(percentage) for paying the tax?
3) Approx how much tax I will have to pay for current financial year?
Please help me. Thanking you in advance.
Thanks,
Sunita.

]]> By: Manish Chauhanhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35182 Manish Chauhan Tue, 24 Jan 2012 09:08:58 +0000 http://www.jagoinvestor.com/?p=172#comment-35182 K singh Right now , who is the owner of the house , is it your mother (as per WILL) , else you both are the owners . You can sell it off and use the proceeds to buy another house .. there will be no LTCG Manish K singh

Right now , who is the owner of the house , is it your mother (as per WILL) , else you both are the owners . You can sell it off and use the proceeds to buy another house .. there will be no LTCG

Manish

]]> By: K. Singhhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35180 K. Singh Tue, 24 Jan 2012 09:04:00 +0000 http://www.jagoinvestor.com/?p=172#comment-35180 Dear, I have a residential house purchased in 1975 by my deceased father. My mother is living with me. Please advise if my mother sell the property and gift me the sale proceeds and if I can purchase another residential property or construct a house from the sale proceeds gifted by mother to avoid LTCG. Furthermore, if my mother will the property in my name, can I use the sale proceeds of the property to purchase another residential property or construct a house from the sale proceeds to avoid LTCG. I would appreciate your reply. Regards K. Singh Dear,

I have a residential house purchased in 1975 by my deceased father. My mother is living with me. Please advise if my mother sell the property and gift me the sale proceeds and if I can purchase another residential property or construct a house from the sale proceeds gifted by mother to avoid LTCG.

Furthermore, if my mother will the property in my name, can I use the sale proceeds of the property to purchase another residential property or construct a house from the sale proceeds to avoid LTCG.

I would appreciate your reply.

Regards
K. Singh

]]> By: Manish Chauhanhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35164 Manish Chauhan Tue, 24 Jan 2012 07:28:08 +0000 http://www.jagoinvestor.com/?p=172#comment-35164 Achal No you dont have to pay any long term capital gains tax, if you had hold the first house for atleast 3 yrs .. Now coming to your question, as you are planning to make two houses (one by purchase , which you already did and second one by constructing it) , I think what you can do is claim the deducations on first house and enjoy the unlimited interest deductions on second house , assuming you took home loan for that Manish Achal

No you dont have to pay any long term capital gains tax, if you had hold the first house for atleast 3 yrs ..

Now coming to your question, as you are planning to make two houses (one by purchase , which you already did and second one by constructing it) , I think what you can do is claim the deducations on first house and enjoy the unlimited interest deductions on second house , assuming you took home loan for that

Manish

]]> By: Himanshu Goelhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-35037 Himanshu Goel Mon, 23 Jan 2012 10:10:16 +0000 http://www.jagoinvestor.com/?p=172#comment-35037 Capital gain tax is exempted in following cases: 1.If the proceeds from sale of a property are invested back in property within 3 yrs of the sale which stands true in your case.Hence no LTCG on your first property. 2.Now about your second plan, the capital gain arising from second sale have to be utilized for construction of the new house within three years from the date of transfer of the second property. Capital gain tax is exempted in following cases:

1.If the proceeds from sale of a property are invested back in property within 3 yrs of the sale which stands true in your case.Hence no LTCG on your first property.

2.Now about your second plan, the capital gain arising from second sale have to be utilized for construction of the new house within three years from the date of transfer of the second property.

]]> By: Achal Malhotrahttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-34955 Achal Malhotra Sun, 22 Jan 2012 15:23:19 +0000 http://www.jagoinvestor.com/?p=172#comment-34955 Excellent blog for lay-persons. My question: I acquired a flat in a Group Housing Society for Rs 10 lacs; sold it in Dec 2011 for Rs 67 lacs and within a week purchased a PLOT of Land for Rs 98 lacs . Am I required to pay ant LTCG tax? Also I plan to dispose of another flat and propose to use bulk of the sale proceeds for constructing a house on the plot of land purchsed > What impact, if any, will the second transaction have on the first transaction? Thanks in anticipation. Achal Excellent blog for lay-persons.
My question: I acquired a flat in a Group Housing Society for Rs 10 lacs; sold it in Dec 2011 for Rs 67 lacs and within a week purchased a PLOT of Land for Rs 98 lacs . Am I required to pay ant LTCG tax?
Also I plan to dispose of another flat and propose to use bulk of the sale proceeds for constructing a house on the plot of land purchsed > What impact, if any, will the second transaction have on the first transaction?
Thanks in anticipation. Achal

]]> By: Sunil Kumarhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-33869 Sunil Kumar Sun, 15 Jan 2012 17:11:01 +0000 http://www.jagoinvestor.com/?p=172#comment-33869 Hi Manish I am working in the MNC in India. Company has given the option of ESPP. I am purchasing the company stocks from last 4 years. These stocks are purchased in USA market. Now i wanted to sell out my stocks. I wanted to know the following things:- 1. Is Shares purchased 1 year back should be considered as long term or not? Is there any tax involved on it. a. Is this is considered as long term capital gain? b. Is this long term capital gain can be used to purchase a house to offset the income tax? c. These stocks are purchased in every quarter (3 month). Some quarters are having profit and some having loss. How to calculate the amount to investment for house to offset tax. Hi Manish
I am working in the MNC in India. Company has given the option of ESPP. I am purchasing the company stocks from last 4 years. These stocks are purchased in USA market. Now i wanted to sell out my stocks. I wanted to know the following things:-

1. Is Shares purchased 1 year back should be considered as long term or not? Is there any tax involved on it.
a. Is this is considered as long term capital gain?
b. Is this long term capital gain can be used to purchase a house to offset the
income tax?
c. These stocks are purchased in every quarter (3 month). Some quarters are
having profit and some having loss. How to calculate the amount to
investment for house to offset tax.

]]> By: Manish Chauhanhttp://www.jagoinvestor.com/2009/05/how-to-calculate-capital-gains-and-what_7801.html#comment-32799 Manish Chauhan Sat, 07 Jan 2012 08:17:48 +0000 http://www.jagoinvestor.com/?p=172#comment-32799 Sujit Look at this : http://www.indianrealestateforum.com/gurgaon/t-long-term-capital-gain-calculation-property-14953-page2.html The holding period is from the date of allotment .. so you will have to pay long term capital gains .. but if you invest that money in next 2 yrs . you will not have to pay that Manish Sujit

Look at this : http://www.indianrealestateforum.com/gurgaon/t-long-term-capital-gain-calculation-property-14953-page2.html

The holding period is from the date of allotment .. so you will have to pay long term capital gains .. but if you invest that money in next 2 yrs . you will not have to pay that

Manish

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