Reagarding long term capital gain tax

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  1. saikatchanda

    saikatchanda New Member

    Hello Expert,

    I have few queries on CG tax.
    I have bought a flat on 2010 around 35 lakhs(excluding IFMS).
    I have paid service tax as it was under construction property.
    I sold that flat this year at 55 lakhs(including dealer transfer charge+brokerage).

    Buyer has deducted 55K as 1% TDS.

    Here is my doubt:
    1) while calculating cost should I include IFMS and service tax (they are not mentioned in allotment letter)?
    2) While calculating selling price should I exclude dealer transfer and brokerage cost?
    3) 1% TDS amount is visible in my form 26AS. Buyer is not providing me form 16B. Do I need to push for form 16B or it is sufficient to have that amount mention in 26AS only.
    4) If I invest the gain completely in REC bond, can I claim the TDS amount now , or I need to wait till 2017 tax return.
    5) To calculate long term CG we have two options. Do the indexation and give 20% tax or else 10% flat tax. Do I obliged to give maximum on these two? Or its upto me to decide?

    I really appreciate any support I could get.

  2. ZED

    ZED Well-Known Member

    Yes because it forms part of cost of acqusition.
    You must have proof of payment.

    They are to be deducted separately , not to be deducted from sale value.

    Its sufficient but still try if you can.

    You may claim now. No issues.

    That option is available only in respect of some securities and not in respect of house properties.

    I have presumed that the above asset is a long term capital asset (period of holdiong 3 years or more) and the date of acquisition has been considered as the date of allotment letter.
    saikatchanda likes this.
  3. saikatchanda

    saikatchanda New Member

    Thanks a lot Zed.
    Can you please guide how can I claim it now.
    I am an individual tax player.
    I need to furnish tax return after getting this year form16 on June 2017.

    Another point, here I am taking date of allotment as purchase date.
    In reality I have done part payment from September 2010 to February 2015.
    Is it legal?

  4. ZED

    ZED Well-Known Member

    By filing the return.

    Yes, no issues.
  5. saikatchanda

    saikatchanda New Member

    Thanks Zed,

    Can I file return twice for a financial year?

    And though I have paid only booking amount on sep,10 I am showing this date as purchase date.
  6. saikatchanda

    saikatchanda New Member

    another point ZED I cant see assessment year 2017-18 for which buyer deducted 1% TDS.
    Is there any other way to furnish the return for 17-18

  7. ZED

    ZED Well-Known Member

    Original return can be only one, but revised return can be filed many a times.

    In previous post I referred to the date of allotment letter.
    Kindly choose that date.
  8. ZED

    ZED Well-Known Member

    If the transaction pertains to F.Y 2015-16, then claim it in return for A.Y 2016-17
    If it relates to F.Y 2016-17, then claim it in return for A.Y 2017-18
  9. saikatchanda

    saikatchanda New Member

    Thanks again ZED.
    I have little but doubt left.

    In above scenario , buyer has paid the 1% TDS on July 2016 for the assessment year 2017-18.
    As its FY 2016-17.
    So I can not claim the refund now.
    Is my understanding correct?

    ZED likes this.
  10. ZED

    ZED Well-Known Member

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