Capital Gains tax

POSTED BY Roshan ON December 7, 2012 8:56 am COMMENTS (6)

My husband and I jointly bought a flat in August 2009, for Rs 1 Cr 4 Lacs (including stamp duty and registration). rs 64 lacs was from bank loan and some money was given by both sets of parents. Rest was from our savings.

Now as we are getting divorced, my husband has bought out my share and paid me Rs 5920000/-. the release deed was registered in september 2012. The outstanding loan balance was Rs 29 lacs, which is now my husband’s liability. pls explain what will be my Capital gains tax.

6 replies on this article “Capital Gains tax”

  1. Roshan says:

    What is meant by my share? That’s what I am trying to understand… as I specifically pointed out in my previous query.

    Is it the amount which is only paid from my savings or does my parents contribution count too? What about the joint loan?

    In a jointly owned property, for which a joint loan has been taken, what is each person’s share?

  2. Biswa Singh says:

    What is your share in the property? I hope you know that.

  3. Roshan says:

    I am trying to understand that original amount, sir.

    Will it be half of 1Cr 4 lacs?

    or half of (1Cr 4 lacs less contribution by both sets of parents)?

    Or will something else have to be deducted?

  4. Biswa Singh says:

    Its based on the original amount invested for the house and what is your share in it. Now your share will be adjusted for inflation and deducted from Rs 5920000/-. The remaining amount will be considered for long term tax gain i.e. 20%.

  5. Roshan says:

    But what is the amount on which tax will be calculated?

  6. Biswa Singh says:

    Long term capital gain is 20% after inflation adjusted. For inflation adjustment you need to talk to a authorised valuer to do so.

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