Short term capital gain and long term capital gain

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  1. Venkatesh Anupoju

    Venkatesh Anupoju New Member

    Good morning Sir,

    My Cousin have a property which was purchased by his father before 30 years.Now he want to sell it which costs above 60 lakhs. and want to purchase a new property.
    Now the query is
    1.How much TDS to be paid for above 50 lakhs?
    2. Is it comes under long term capital gain and if it comes under Long term capital gain then how to compute tax.
    3.he also want to buy a new property. if he purchased, within how many years he should purchase. He had already another property in his name.Should this comes under capital gains.Some body told him if you have property you have to pay the capital gain tax is it correct.
    4.Please specity how much tax he should pay.If the cost of asset is 14 lakhs at the time of purchase and cost of asset is 60 lakhs at the time of Sale.

    Very for your reply

    Thank you
  2. Saurabh2017

    Saurabh2017 New Member

    Kindly mention the year of purchase
    TDS 1% will be deducted on the whole amount sale above 50Lakhs.

    Sales Consideration less Indexed Cost Of Acquisition.

    Capital Gain Exemption not available in the above case in invested in house property Because at the point of sale you have two house property
  3. V K Khanna

    V K Khanna Active Member

    Exemption is available under Sec 54 if a residential property is sold and the resultant capital gains accruing from sale of such property are invested in the purchase of new residential property irrespective of the fact whether the assessee is having more than one residential property or not.

    So Mr Venkatesh if your cousin is selling a residential property and buying a new residential property, he can claim exemption from capital gain tax under Sec 54.
  4. Venkatesh Anupoju

    Venkatesh Anupoju New Member

    Thank you very much sirs,

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