Real Estate Forum on Capital Gains On Property

Latest Answer: Hi, If the amount is not utilised within three years for purchasing or constructing a house, it will be taxable after the expiry of three years from the date of sale. In your case, if the amount is not utilised within three years, then it will be taxable at 20% in 2019-20, along with 4% cess. No penalty will be levied.

Latest Answer: Hello Ramachandaran, Capital gains tax (CGT) is charged on the gains in the financial year in which the capital asset is transferred, but the tax is only payable in the financial year in which the money from transfer or sale proceeds are actually received by the assessee.

Latest Answer: Hi Sudhish, To make you clear, i am giving you an example. Suppose an individual has a long-term asset (other than residential property) & he sells it on 1st April, 2013 for Rs. 1500000. Suppose, the indexed cost of the asset is Rs. 800000 then Long Term Capital Gain will be = 1500000 – 800000 = Rs. 700000 In order to get full exemption u/s 54 F he will have to invest the full sale consideration of Rs 1500000 in construction of a house property before 31st March, 2016 or purchase a new residential house property before 31st March, 2015. If he has already purchased a residential house property on or after 1st April , 2012 then the amount invested can be adjusted with the purchase price of this property.

Latest Answer: Hi all, Have you heard the news? PM Narendra Modi's "Housing for all by 2022" scheme to be launched by mid of June'2015. The government is getting ready to launch PM Narendra Modi's most committed scheme "Housing for all by 2022". And he is probably to launch the scheme as an umbrella mission after recounting all affordable housing schemes and slum redevelopment projects.