Max Limit for claiming Pre Construction Interest + Current Year Interest in a Financial Year

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  1. suprotim banerjee

    suprotim banerjee New Member

    Thanks Karan, But then why these 2 terms , Long term capital gain with & without indexation? If Long term capital gain altogether is not coming in the perview of IT, then why it is broken in 2 parts. Sorry for my ignorance.
     
  2. suprotim banerjee

    suprotim banerjee New Member

    Dear All, I have purchased a used flat & got the possession in November 2014. After doing some modification I ultimately rented in from May 2015. I come to know that though it is not rented out in 2014-15, but as I got possession in Nov 2014, it would attract some taxation from the angle of notional rent value. Request advice from experts.
     
  3. Karan Batra

    Karan Batra Well-Known Member

    @suprotim banerjee : Only the shares on which STT is paid at the time of sale are exempted from levy of tax on long term capital gains and therefore the loss is also not allowed to be set off in case of such shares.

    For all other type of assets - the indexation rules will apply
     
  4. suprotim banerjee

    suprotim banerjee New Member

    Dear Karan,
    I was referring to Mutual Fund statement wherein capital gain has been broken under 3 heads e.g. 1) Short term capital gain, 2) Long term capital gain with indexation , 3) Long term capital gain without indexation. Request your guidance on how to calculate my tax liability.
     
  5. suprotim banerjee

    suprotim banerjee New Member

    Hi all, Further to my earlier queries, request guidance on Income tax payable on short term capital gain for FMP (Fixed maturity Plan- 372 days). I purchased it on 24.12.13 & redeemed it on 30.12.14.
     
  6. Karan Batra

    Karan Batra Well-Known Member

    Is the Asset sold a mutual fund or a debt fund or some other instrument?
     
  7. suprotim banerjee

    suprotim banerjee New Member

    It is FMP issued by bank , most probably debt fund.
     
  8. Karan Batra

    Karan Batra Well-Known Member

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