Dear Sir, Your explanation on capital gains tax is very clear. A common could understand your explanation without any doubt. Thank you for adding value to our knowledge on capital gains taxation. Best wishes.
Fluent in English Language ....Beneficial to NRI's.....Explaination is fab.....precise and to the point. No rambling on the Topic being explained.....excellent.....excellent....excellent.
If suppose capital gains are more than 2 crores and if the long term asset is bought in say 1985 how do we apply index. If index base is 2000-2001 What will be the index for ppty of 1985. Your vedio is good
Thanks for an comprehensive video on capital gains .what I couldn't understand is abt long term gains selling house ( more than 2 yrs)and reverse on exemption if house sold within 3 years. Would be nice if can u brief abt it.
SIR VERY CLEAR AND UNDERSTANDABLE INFIRMOTION, I am waiting for your video on if i want to sale small shop[ approx area 160 ] and want to buy 1bhk house as early as possible.
Very clearly explained. I want to sell my property. The gain is around 10 to 12 lacs. Which bond is the best to invest for 5 years. After 5 years should we continue to save in bonds only.
Such a nice explanation. One thing in my mind how to assume the date , like i have purchased land and registered on 21/3/2021 now is 10/6/2023 but 2month ago i have completed building house The plan date is of 6month before. Now how to assume the date for tax . Land registry date or house plane sanction date And lastly the property is in my wife name who is house wife with no itr file. How to show the sale . Pls answer my query Thanks
Great presentation. Appreciate the efforts. Please clarify whether Long Term Capital Loss on equity shares in 2020 (bought in 2018, sold in 2020 @ loss) can be offset with LTCG on land purchased in 1976 and sold in 2021. What is the section I can quote when I calculate while filing ITR? Thanks in advance.
Sir Good evening. At the outset I thank you very much for a very informative video on the ways to save capital gains tax. I had purchased flat in Jan 1992 by means of a sale agreement with the builder for Rs 267000/- I am to sell it during this month for Rs 20 lakh. What shall be my capital gain and how much have I to invest in capital gain bonds to save the tax?🙏🙏
Cost of improvement is the capital expenditure incurred by an assessee for making any addition or improvement in the capital asset. cost of improvement includes all those expenditures, which are incurred to increase the value of the asset/property .
@@capritishburton7682 so such property will be treated similar to that obtained from grandfather side ? But such property which is obtained from grandmother does not come under ancestral property.
Thanks Pritish. Very informative, can u also highlight what happens post we sell 2nd property Eg : property A after selling have capital gain of 1Cr. Within 1 year new property B is purchased for 1Cr. Now post howmany year I can sell the property B? and what will be LTCG?
Dear Sir, if i have invested the capital gain in NHAI Bonds for 5 years, what happens to this money after maturity of the bonds. Please advise. Thanks.
The same point I have so please advise on maturity amount that is fully exempted after 5 years or some other liabilities will remaining ? Please be respond 🤔🙏
Dear Sir, Regarding Capital gains, your explanation is simply superb. Please clarify one of my doubts. I am selling a house property constructed during the year 1993.. Now the buyer for purchasing the same is taking loan from LIC. Now LIC says they will issue a cheque.in my name (Seller) and they are deducting 1% as TDS in my account. My doubt is why LIC is deducting TDS in my (Seller) account and not buyer account. If LIC is correct, then whether I will get back the amount if I am claiming the same through my ITR and what section I have submit the same.
Sir very information and well explained. sir I deposit in bank, In case could not buy or construct, is it again capital gain tax tobe paid, pls clarify
Beautifully explained. Mr.Pritish Ji, I hereby ask you a question, I have a house property which belongs to my father (deceased) and no declaration has been written by my father at the time of his death against any of our brother (me) and two sisters. When I shall sell the said house property how shall I save income tax being a paternal property.
@@capritishburton7682 Mr.Pritish Ji, Thanks a lot for your reply. I have watched your video. But I ask you one question ; is money received from selling of PATERNAL PROPERTY is taxable according to Income Tax Act ? This is just one question I want to know. Awaiting your reply. Thank you.
We haven't sold the existing residential house yet (Under my father's name} , but we have started constructing a new residential house (Under my mother's name) before sale of existing property (Under my father). 1. Now in your video it says to constructing a residential house within 3 years from date of sale. So, is it possible to do something about this problem because we are already started constructing a new residential house before selling existing residential house ? 2. Existing residential house is under my father's name, whereas new residential house is under my mother's name. Now the real question is whether my father can invest in mother's house & consider & show this is as construction cost to income tax irrespective of point 1 ? 3. Now again what can we really do in your case for point 1 ? 4. You said capital gains account scheme, now if the money is in the bank under capital gains account scheme, will there be no tax until (or) after we buy a new house no matter the number of years ? 5. As per section 54EC, you said lock-in period is 5 years. So before 5 years i.e. if we take premature amount before 5 years, then will it be taxable to both principal + Interest ?(Or) after 5 years lock-in period, do we have to pay tax on both principal + Interest (or) which component should we have to pay tax (or) there's no tax at all on both principal + Interest after 5 years lock-in period ? Please clarify ?
very useful video ,I want to have a clarification ,if I want to use the capital gains ,from selling a site ,for constructing a house ,I have deposited the amount in my sb a/c ,which is operated for the construction purpose ,is it ok or do I have to open a separate c g a/c ,
Please do clarify in case the entire funds from sale of property is put in the capital gains account, and I'm not able to buy a property or construct, for how long can I keep this month in the capital gain account. After 5 yrs can i close the cap gain account. Will i still have to pay tax
You have to buy the property within the stipulated period .. if not it will be taxed . If you’re not investing in a new residential property then you have to invest in capital gain bonds . Capital gain account is only to park the funds till you utilise it for buying or construction of a house
The circle rate of my flat is 78 lakh but this is old flat purchased in 2012 for 33 L and market rate is 60 L only . How to deal with income tax in future. What will be capital gain based on which value.
Pritish, How do you say reinvestment in a house property to SAve LTCG is available only once in a life time. Once somebody has availed this option once he will never be able to use this benefit later in this lifetime ?
Budget 2019 extended the applicability of capital gain exemption under Section 54 by allowing the purchase or construction of 2 residential houses (previously one 1 was allowed), provided the gain is less than Rs. 2 crore. This option can be exercised only once in a lifetime.
Hi Pritish, Very well explained. I am NRI. I purchased a flat in 1983 after calculating index cost capital gain is around 1cr. Since the tax will be deducted at source I can repatriate all capital gain amount and file LTDS later ?
After deduction of TDS , the balance amount can be repatriated immediately .. TDS amount (if eligible for refund after tax computation ) can be repatriated later after filing your returns
What comes in housing property, where purchase of residential plot after sale of residential plot will save capital gains tax ,please explain in details
Thanks for your sharing knowledge for long term capital gains. I am anxious to know that if I sale a residential property which is in joint account with my son and receivable amount is devided in two equal parts and I want to make 2 houses by the gained amount and my son also want to make two houses from that money. Then will we get the exemption benifits
Sir I am senior citizen of 80 years old. I sold my residential land property in May 2022 with 19 lac. Which I purchased at Rs. 5000 in the year 1970. Please tell me whether is it taxable? If so please give me a suggestion regarding this.
What if for example we have taken a loan for a property of 20L for 10 years. After paying the total payout is 30L with interest- what will be the purchase cost considered-20L Or 30L?
I have a plot of land ,I have interacted with a promoter who wants to build flats on the land with mutually agreed shares of money through sale of flats. My question is since the land is not being sold directly to a party, how capital gain tax on my earning through sale of flats be done?
For an NRI selling an immovable property in India , it is said that the buyer will deduct TDS at 22.88% from the total sale consideration and remit it direct to IT dept and give the balance to the seller n the respective challan On the othet hand , Can the seller an NRI invest the LTCG amount directly in NHAI/REC bonds n show it to the buyer and ask for the full sale consideration ? In short an NRI seller also can utilise the LTCG bond facility or not? Pl clarify. Thanks for the wonderful work you are doing !! Keep it up!!
You need to get it approved through the assessing IT officer with jurisdiction By filing a form 13 under section 197 ..but that’s a long process which might take some time
Nice video. GOOD voice.But probably 1 mistake. U mentioned that benefit of capital gains exemption - Long term can be availed once in lifetime. I feel it can be availed one time every year provide person has innumerable properties to sell. Please check relevant income tax rules and educate. 2. In case property being sold is land is barbed wire fencing done say 2 times during period of holding considered an improvement and can fencing expenses be deducted from gross sale value ??
Sir, papa ne 2008 me 1 lakh rs. Ka plot leke aur 4.5 lakh ka home leke house banaya phir 2016 me aur 14lakh rs house loan leke first floor banaya ....phir humne abhi woh ghar 35lakh me bech diya....To es situation mein Capital Gain kaise calculate kre
In case after the sale of residential plot and within that year if we extend the old house for renovation in the same address is rebate or exemption given. Pl answer? Secondly before seeing this video I wasn’t aware. Or else I wud have invested in the said bonds. One year is getting over by March 23. I have invested in senior citizens central govt schemes for 5 years. Can I take it out and reinvest in power bonds . The sale was in May 22. I wasn’t aware. And this is my only source of money. Senior citizen
Very clear explanation , please give an clarification- Is it tax free/capital gain tax is exempted in case a government employee purchases an agricultural land after the sale of the property with in 2 years.
hello sir do we have to purchase land of capital gain only or whole sale amount? EG-Residential Property capital gain came to 10 lakh after adjusting Cost inflation etc so do we have to purchase land of 10 lakhs only or whole sale amount of 25 lakhs??
Thank you sir for given information sir give me proper advoice for tax my wife and her sister sold house on 80 lac in 31:3:2022 .purchasing plot in2005_06.house constuction did in 2006_07 plot pur price ,1.50lac both are senior citisons.pention is 3.5 lac eqwali . So we want to know how many tax to be pay eqiwly. Please advoice.thank you. How many pay to you please tell .
The property I sold was bought in 1984. How and where to get the fair market price of year 2002 for indexation. It's a residential land only. Can we consider the amount paid for site approval as improvement cost? I built compound wall a couple of years back, but fo not have any receipts for the payment. How can I include it as improvement cost.
Great video .. many thanks I just sold a flat which was purchased in 2003 for about 10L(stamp value)+ improvement value of about 1.5L .. selling value 50L .. 1. What would be the capital gains for this transaction? 2. Can I use this money to close an existing loan on another residential house property Pls advise ... thanks
Thankyou ! I would like to know about property refinance tax benefits in India . Couldn’t find a single vidoe on the internet and hopefully you are able to make it
Your presentation is very clear.kindly let me know the limit of development incase of an old flat.l have no any document to support the expenses made on flooring , electrical wiring, sanitary installation etc, kindly guid.
very clear explanation by you .suppose if one purchases a site for 30000/ forty years back and sold for 34 lakhs now whether the person gets the benefit of Capital gains tax if that person invests that received amount in residential house property, How much can that person gets the benefit of tax?
I have an ansistor property ,gifted from my father 4 years back . I had spend around 5L in 1999 for renovation. Now it is under process of sell . How Capital gain will calculate since there is no purchase value ot gift deed value will consider
Very informative indeed. Incase the property is in joint name of 2 individuals ( husband and wife), then can both of them avail of this calculations to save Capital Gains.
Can the bonds under 54EC can be bought only once or every year even if the time of purchase is more than 6 months. Also that only the capital gains amount is to be deposited in CGAS or the full sale consideration. Since we are supposed to utilize capital gains to purchase new houseand bonds can we deposit the balance amount in our savings account.
Property acquired by will but disputed can we consider for indexation for Capital gain approximate expenditure occured for transferring the property on our name.eg. lower and high court ,several expenditures.Travelling and expenditures of several nature.Also standard expenditures occured for mantance by our late father
Need to know whether sale amt of inherited property can be invested in major son name to get capital gains exemption or otherwise can be used for repaying existing house loan.
When you say you don't save the entire capital gains by buying another property, we still end up paying registration fees which is like 8% so it would still a large amount.
Hi George. Brother, registration fee is too high. I purchased a house for 45 lacs and ended up paying registration fees. They made me pay 315000 and 25003 totaling 3,40,003. It's around 7.55%. What's this if not a loot of a commoner? 20% LTCG and 7.55% for registration. Disgusting to say the least. I am not some real estate builder or broker. Is this a crime? It makes me both very sad and anxious at the same time. You brought up a good topic. I've never seen anyone till now on UA-cam writing on this subject. Replies would be very welcome. Thank you and my best regards to you.
I am holding the property jointly with my wife. I would like to take proceeds of the property sold in 50 and 50 ratio. My wife is owning a site, where we want to construct house. Can I use both the portion for constructing the house. Or I should use her pirtiion only to construct the house on the site she owns.
Hello Sir I have question1. We already have one house which is constructed 8 yrs ago and now planing to buy another new house by next month. Later one year If I want to sell my old property and want to invest on new house will be taxed under capital gains and how to get it zero taxed pls suggest. As im going on loan purchasing option for new house
Sir, long term capital gains of a sold property, I want to invest in shares for long term. Can you clarify what are the tax complications? Also sale property value as per market price recorded in document and actual is always higher. So can you also clarify what's the sale value?
I inherited one-third of my father's own earned house property. We are going to sell it out. So if I don't buy any immovable property I have to pay capital gains tax as per rule. But the other two brothers who inherited the remaining part evade to pay, must I have to pay their dues alongwith my due?
Sir my doubt is you mentioned investment can be made in two properties for the capital gain amount is it possible to buy one house plot and also one residential house. If permissible what is the time limit with in which investment should have been made.
Tks for the cap gains info. Planning to sell property constructed in 2000 consisting of 3 shops in front behind 3 rooms and 1st floor 6 rooms. Shops declared McClellan. Out of 60/40 site 30/40 constructed. Sale price is 2.5 crores. Want 2 crores in White. This property is for daughter Karen married with 3 kids settled in U.S. we have to send money to her. Advise best options. Tks
I have built a house in an agricultural property (Coconut Plantation) outside Muncipal limit, in the year 1995, by spending ₹.5 lakhs. When I sell the property and house, what are the tax implications on the proceeds.
Please advise if the property is in the name of 2 joint ownership, how they will save the capital gain tax? How they will invest to save capital gain tax?
Sir I have sold my residential plot recently which was purchased on 2009. Capital gains I will work out. My question is recently before selling this I have purchased agricultural property and I have invested for some developments. Whether I can show this for adjusting my capital gain tax
Thanks for your guide. But I have a doubt. Suppose I purchased a piece of agricultural land (which is in a rural area) in the year 1993 and later stage I converted its Kisam i.e to "Ghar Bari". Now I sold it. How I will calculate my Capital Gain , Pl tell.
If the house has been constructed in about ten grounds in1989 in the land that was bought in 1978 and compound wall constructed in1996 how to calculate cost inflation if only land purchase sale deed is available. How to calculate the present inflation cost of house and compound wall. Kindly guide me.
Dear Sir,
Your explanation on capital gains tax is very clear. A common could understand your explanation without any doubt. Thank you for adding value to our knowledge on capital gains taxation.
Best wishes.
Thank you very much 🙏🙏
@@capritishburton76828
Fluent in English Language ....Beneficial to NRI's.....Explaination is fab.....precise and to the point.
No rambling on the Topic being explained.....excellent.....excellent....excellent.
If suppose capital gains are more than 2 crores and if the long term asset is bought in say 1985 how do we apply index.
If index base is 2000-2001
What will be the index for ppty of 1985.
Your vedio is good
Thank you .. cost of acquisition for the year 2000-01 to be considered . Can identify the government guidance value for the year instead of 1985
Thanks for an comprehensive video on capital gains .what I couldn't understand is abt long term gains selling house ( more than 2 yrs)and reverse on exemption if house sold within 3 years. Would be nice if can u brief abt it.
Very informative video Pritish
Thank you 🙏
Very good video
@@capritishburton7682⁰0000000
SIR VERY CLEAR AND UNDERSTANDABLE INFIRMOTION, I am waiting for your video on if i want to sale small shop[ approx area 160 ] and
want to buy 1bhk house as early as possible.
Thank you .. check my video on sale of commercial propert
Very clearly explained. I want to sell my property. The gain is around 10 to 12 lacs. Which bond is the best to invest for 5 years. After 5 years should we continue to save in bonds only.
Any bonds are ok . PFC bonds
Such a nice explanation.
One thing in my mind how to assume the date , like i have purchased land and registered
on 21/3/2021 now is 10/6/2023 but 2month ago i have completed building house
The plan date is of 6month before. Now how to assume the date for tax . Land registry date or house plane sanction date
And lastly the property is in my wife name who is house wife with no itr file. How to show the sale . Pls answer my query
Thanks
Great presentation. Appreciate the efforts. Please clarify whether Long Term Capital Loss on equity shares in 2020 (bought in 2018, sold in 2020 @ loss) can be offset with LTCG on land purchased in 1976 and sold in 2021. What is the section I can quote when I calculate while filing ITR? Thanks in advance.
Very good information those who have sold their property.I am one among them. Thanks a lot
Thank you 🙏
Sir Good evening. At the outset I thank you very much for a very informative video on the ways to save capital gains tax. I had purchased flat in Jan 1992 by means of a sale agreement with the builder for Rs 267000/- I am to sell it during this month for Rs 20 lakh. What shall be my capital gain and how much have I to invest in capital gain bonds to save the tax?🙏🙏
I will make a video shortly on all questions on capital gains . Thank you
@@capritishburton7682 Sir that would be great.🙏🙏🙏💐👍
What about commercial property? Nobody explaining this example. Everyone just talking about residential property.
@@capritishburton7682 sir pls share the link
If we sell a house and re invest in two different site (no house - plain land) then it will be tax free?
Sir, please tell us what types of improvements are allowed in a flat after buying?
Cost of improvement is the capital expenditure incurred by an assessee for making any addition or improvement in the capital asset. cost of improvement includes all those expenditures, which are incurred to increase the value of the asset/property .
Very Simply Explained & More Interestingl
Thank you very much
Very well explained
Thank you i
Very good video
will there be capital gain on sale of property inherited from grandmother ?
Yes
@@capritishburton7682 so such property will be treated similar to that obtained from grandfather side ? But such property which is obtained from grandmother does not come under ancestral property.
Very informative
Thank you 🙏
Very good video
Thanks Pritish. Very informative, can u also highlight what happens post we sell 2nd property
Eg : property A after selling have capital gain of 1Cr.
Within 1 year new property B is purchased for 1Cr.
Now post howmany year I can sell the property B? and what will be LTCG?
Thanks a lot for an information on Capital Gain .. can you please suggest how to calculate the Value of the property from 1994 to 01.01.2001
Kindly refer my latest video on capital gains . I have answered this question
Very beautifully explained, I hope many people will be benefitted with your informative and simple explanation. Thank you
Thank you 😊
Dear Sir, if i have invested the capital gain in NHAI Bonds for 5 years, what happens to this money after maturity of the bonds. Please advise. Thanks.
The same point I have so please advise on maturity amount that is fully exempted after 5 years or some other liabilities will remaining ? Please be respond 🤔🙏
Please listen carefully again he has already said that matured sum is exempted at the time of maturity
Are there any other ways to save the capital gain tax totally?
Dear Sir, Regarding Capital gains, your explanation is simply superb. Please clarify one of my doubts. I am selling a house property constructed during the year 1993.. Now the buyer for purchasing the same is taking loan from LIC. Now LIC says they will issue a cheque.in my name (Seller) and they are deducting 1% as TDS in my account. My doubt is why LIC is deducting TDS in my (Seller) account and not buyer account. If LIC is correct, then whether I will get back the amount if I am claiming the same through my ITR and what section I have submit the same.
Sir very information and well explained. sir I deposit in bank, In case could not buy or construct, is it again capital gain tax tobe paid, pls clarify
Yes you need to pay
What happens if I want to invest only partial amount of the total capital gains in the specified bonds? Can i do it?
Beautifully explained. Mr.Pritish Ji, I hereby ask you a question, I have a house property which belongs to my father (deceased) and no declaration has been written by my father at the time of his death against any of our brother (me) and two sisters. When I shall sell the said house property how shall I save income tax being a paternal property.
Thank you . Please watch my video qna on capital gains . I have answered this question in that video
@@capritishburton7682 Mr.Pritish Ji, Thanks a lot for your reply. I have watched your video. But I ask you one question ; is money received from selling of PATERNAL PROPERTY is taxable according to Income Tax Act ? This is just one question I want to know. Awaiting your reply. Thank you.
@@ashokghosh6007 Yes you have to pay tax on sale of inherited property
PART-2:
Watch Now : ua-cam.com/video/6ANo0wmmvSA/v-deo.html
Capital gains on Inherited Property: ua-cam.com/video/Yt_cnMPO19k/v-deo.html
can I purvchase bonds under 54ec if I placed my capital gain in residencial property in ordinary s.b. account istead of capital gain acciunt
Can you provide your mail I’d to ask some doubts
Very nice. U explain very easyli and clear cut. I like yr vidio. Thanks alote.......Guj. Bilimora.
Sir, your explanation is very kind, generous and crystal clear
Thank you 😊
Secondly gifting a property to family member and if the family member sells it what will happen then?
Taxed when it’s sold
Thank you very much it is very much eloborative and simple English.
Suppose in case sale of vacant plot how to calculate CG TAX
Please refer my video on sale of land.. I have made a separate video on that
Very lucid explanation. Income from selling a plot also treated in the same way perhaps for capital gains tax.???
Save TAX on Sale of Commercial Property | Capital Gain Tax on Sale of Property |CA PRITISH BURTON
ua-cam.com/video/eu3ZvpCHWHM/v-deo.html
Nicely presented. Looking forward for your video on commercial property capital gains
Already made a separate video on that topic .
Nice!...! How about open site? ie Plot? Is the same rule applies as in this video? Please inform
Please refer my video on sale of commercial property and land
Thanks for a comprehensive video on Capital Gains. Very nicely explained.
Thank you 🙏
We haven't sold the existing residential house yet (Under my father's name} , but we have started constructing a new residential house (Under my mother's name) before sale of existing property (Under my father).
1. Now in your video it says to constructing a residential house within 3 years from date of sale. So, is it possible to do something about this problem because we are already started constructing a new residential house before selling existing residential house ?
2. Existing residential house is under my father's name, whereas new residential house is under my mother's name. Now the real question is whether my father can invest in mother's house & consider & show this is as construction cost to income tax irrespective of point 1 ?
3. Now again what can we really do in your case for point 1 ?
4. You said capital gains account scheme, now if the money is in the bank under capital gains account scheme, will there be no tax until (or) after we buy a new house no matter the number of years ?
5. As per section 54EC, you said lock-in period is 5 years. So before 5 years i.e. if we take premature amount before 5 years, then will it be taxable to both principal + Interest ?(Or) after 5 years lock-in period, do we have to pay tax on both principal + Interest (or) which component should we have to pay tax (or) there's no tax at all on both principal + Interest after 5 years lock-in period ? Please clarify ?
very nicely explained thank you. but site is consider as housing property or not? in case i build a house within 3 years in same site..
very useful video ,I want to have a clarification ,if I want to use the capital gains ,from selling a site ,for constructing a house ,I have deposited the amount in my sb a/c ,which is operated for the construction purpose ,is it ok or do I have to open a separate c g a/c ,
Seperate account
Please do clarify in case the entire funds from sale of property is put in the capital gains account, and I'm not able to buy a property or construct, for how long can I keep this month in the capital gain account. After 5 yrs can i close the cap gain account. Will i still have to pay tax
You have to buy the property within the stipulated period .. if not it will be taxed . If you’re not investing in a new residential property then you have to invest in capital gain bonds . Capital gain account is only to park the funds till you utilise it for buying or construction of a house
The circle rate of my flat is 78 lakh but this is old flat purchased in 2012 for 33 L and market rate is 60 L only . How to deal with income tax in future. What will be capital gain based on which value.
Good Explanation. Suppose if we get a house from father to son as gift deed and then son sells residential property, whether we are taxed ?
Thank you . Yes
Pritish, How do you say reinvestment in a house property to SAve LTCG is available only once in a life time. Once somebody has availed this option once he will never be able to use this benefit later in this lifetime ?
Budget 2019 extended the applicability of capital gain exemption under Section 54 by allowing the purchase or construction of 2 residential houses (previously one 1 was allowed), provided the gain is less than Rs. 2 crore. This option can be exercised only once in a lifetime.
For agricultural property in rural area, how is the taxation ? Can we get exemption by investing in another agri land ?
Rural agricultural land is not a capital asset
Hi Pritish, Very well explained. I am NRI. I purchased a flat in 1983 after calculating index cost capital gain is around 1cr. Since the tax will be deducted at source I can repatriate all capital gain amount and file LTDS later ?
After deduction of TDS , the balance amount can be repatriated immediately .. TDS amount (if eligible for refund after tax computation ) can be repatriated later after filing your returns
super explanation. crystal clear. your presentation was excellent
Thank you
What comes in housing property, where purchase of residential plot after sale of residential plot will save capital gains tax ,please explain in details
No it should be residential house property and not plot . If bought a plot u need to construct a house as well
Thanks for your sharing knowledge for long term capital gains.
I am anxious to know that if I sale a residential property which is in joint account with my son and receivable amount is devided in two equal parts and I want to make 2 houses by the gained amount and my son also want to make two houses from that money. Then will we get the exemption benifits
Sir I am senior citizen of 80 years old. I sold my residential land property in May 2022 with 19 lac. Which I purchased at Rs. 5000 in the year 1970. Please tell me whether is it taxable? If so please give me a suggestion regarding this.
What if for example we have taken a loan for a property of 20L for 10 years. After paying the total payout is 30L with interest- what will be the purchase cost considered-20L Or 30L?
I have a plot of land ,I have interacted with a promoter who wants to build flats on the land with mutually agreed shares of money through sale of flats. My question is since the land is not being sold directly to a party, how capital gain tax on my earning through sale of flats be done?
For an NRI selling an immovable property in India , it is said that the buyer will deduct TDS at 22.88% from the total sale consideration and remit it direct to IT dept and give the balance to the seller n the respective challan
On the othet hand ,
Can the seller an NRI invest the LTCG amount directly in NHAI/REC bonds n show it to the buyer and ask for the full sale consideration ?
In short an NRI seller also can utilise the LTCG bond facility or not?
Pl clarify.
Thanks for the wonderful work you are doing !!
Keep it up!!
You need to get it approved through the assessing IT officer with jurisdiction By filing a form 13 under section 197 ..but that’s a long process which might take some time
Nice video. GOOD voice.But probably 1 mistake. U mentioned that benefit of capital gains exemption - Long term can be availed once in lifetime. I feel it can be availed one time every year provide person has innumerable properties to sell. Please check relevant income tax rules and educate.
2. In case property being sold is land is barbed wire fencing done say 2 times during period of holding considered an improvement and can fencing expenses be deducted from gross sale value ??
Very comprehensive covering of the subject and very informative. Thank you.
Thank you very much
Very informative video. Thanks. Awaiting your video on sale of office or industrial properties.
Thank you .. please Watch my video on sale of commercial
Property .. already made a video on that topic
@@capritishburton7682 👍🏼
Quite informative. And the presentation was crystal clear. Thanks for the same.
Thank you
Sir, papa ne 2008 me 1 lakh rs. Ka plot leke aur 4.5 lakh ka home leke house banaya phir 2016 me aur 14lakh rs house loan leke first floor banaya ....phir humne abhi woh ghar 35lakh me bech diya....To es situation mein Capital Gain kaise calculate kre
Please check my qna video on capital gain
Thank you.People in urban areas by plots and then construct houses.What will be scheme of calculations:short term assets or long term ones?
Thanks for the information on capital gains. Can you post a video on Withholding tax for Indian Residents and NRI.
Please refer my video on tds on sale of property
Thank you. I did not know about Agricultural land . Your video is very good.
Peace
Thank you
In case after the sale of residential plot and within that year if we extend the old house for renovation in the same address is rebate or exemption given. Pl answer?
Secondly before seeing this video I wasn’t aware. Or else I wud have invested in the said bonds. One year is getting over by March 23. I have invested in senior citizens central govt schemes for 5 years. Can I take it out and reinvest in power bonds . The sale was in May 22. I wasn’t aware. And this is my only source of money. Senior citizen
Very clear explanation , please give an clarification- Is it tax free/capital gain tax is exempted in case a government employee purchases an agricultural land after the sale of the property with in 2 years.
hello sir do we have to purchase land of capital gain only or whole sale amount? EG-Residential Property capital gain came to 10 lakh after adjusting Cost inflation etc so do we have to purchase land of 10 lakhs only or whole sale amount of 25 lakhs??
Capital gain amount
your explanation is very good
Very good video
True
Thank you sir for given information sir give me proper advoice for tax my wife and her sister sold house on 80 lac in 31:3:2022 .purchasing plot in2005_06.house constuction did in 2006_07 plot pur price ,1.50lac both are senior citisons.pention is 3.5 lac eqwali . So we want to know how many tax to be pay eqiwly. Please advoice.thank you. How many pay to you please tell .
Hi Pritish, thank you so much for the video, I have a question, can we buy agricultural land with the capital gain to save tax?
The property I sold was bought in 1984. How and where to get the fair market price of year 2002 for indexation. It's a residential land only. Can we consider the amount paid for site approval as improvement cost? I built compound wall a couple of years back, but fo not have any receipts for the payment. How can I include it as improvement cost.
Does the number of property owned by you at the time of taking the once in a lifetime time benefit have any bearing on utilising the scheme?
If any improvement done inside the flat like plastering the walls to protect from leakage, painting etc can be counted as cost of improvement?
It’s was very interesting. I would appreciate if you could make similar video on commercial property.
I have already made a video on commercial property . Kindly have a look
Great video .. many thanks
I just sold a flat which was purchased in 2003 for about 10L(stamp value)+ improvement value of about 1.5L .. selling value 50L ..
1. What would be the capital gains for this transaction?
2. Can I use this money to close an existing loan on another residential house property
Pls advise ... thanks
Thankyou ! I would like to know about property refinance tax benefits in India . Couldn’t find a single vidoe on the internet and hopefully you are able to make it
Excellent very very useful vlog, very informative, for people to understand. Subscribing your channel.
Thank you very much 🙏😊
Sir how can I reach you
Any contact number or email address i sold one residential home in last month. I wanted to talk to you in that respect
Your presentation is very clear.kindly let me know the limit of development incase of an old flat.l have no any document to support the expenses made on flooring , electrical wiring, sanitary installation etc, kindly guid.
very clear explanation by you .suppose if one purchases a site for 30000/ forty years back and sold for 34 lakhs now whether the person gets the benefit of Capital gains tax if that person invests that received amount in residential house property, How much can that person gets the benefit of tax?
I have an ansistor property ,gifted from my father 4 years back . I had spend around 5L in 1999 for renovation. Now it is under process of sell . How Capital gain will calculate since there is no purchase value ot gift deed value will consider
Pls watch my video on sale of inherited property
Very informative indeed. Incase the property is in joint name of 2 individuals ( husband and wife), then can both of them avail of this calculations to save Capital Gains.
Yes based on percentage of ownership
Can the bonds under 54EC can be bought only once or every year even if the time of purchase is more than 6 months. Also that only the capital gains amount is to be deposited in CGAS or the full sale consideration. Since we are supposed to utilize capital gains to purchase new houseand bonds can we deposit the balance amount in our savings account.
Can this benefit be availed of you're investing in property purchased in the name of blood relation & not self?
Thanks for your very educated video. My doubt is what happens to the tax deposited in the long term capital gains.
Thanks
Major inderjit singh
You can withdraw it . It’s tax free
Property acquired by will but disputed can we consider for indexation for Capital gain approximate expenditure occured for transferring the property on our name.eg. lower and high court ,several expenditures.Travelling and expenditures of several nature.Also standard expenditures occured for mantance by our late father
Need to know whether sale amt of inherited property can be invested in major son name to get capital gains exemption or otherwise can be used for repaying existing house loan.
You need to file your tax returns .. gifting or repaying loan has nothing to do with capital gain taxation
When you say you don't save the entire capital gains by buying another property, we still end up paying registration fees which is like 8% so it would still a large amount.
Hi George. Brother, registration fee is too high. I purchased a house for 45 lacs and ended up paying registration fees. They made me pay 315000 and 25003 totaling 3,40,003. It's around 7.55%. What's this if not a loot of a commoner? 20% LTCG and 7.55% for registration. Disgusting to say the least. I am not some real estate builder or broker. Is this a crime? It makes me both very sad and anxious at the same time. You brought up a good topic. I've never seen anyone till now on UA-cam writing on this subject. Replies would be very welcome. Thank you and my best regards to you.
I am holding the property jointly with my wife. I would like to take proceeds of the property sold in 50 and 50 ratio. My wife is owning a site, where we want to construct house. Can I use both the portion for constructing the house. Or I should use her pirtiion only to construct the house on the site she owns.
What will be the base for self construction house property??
How to determine base year for self construction house????
The year in which you constructed the property
Clarity on subject is better for me after listening
Thank you
Very nicely explained which is very informative too.
Thank you
Hello Sir I have question1. We already have one house which is constructed 8 yrs ago and now planing to buy another new house by next month. Later one year If I want to sell my old property and want to invest on new house will be taxed under capital gains and how to get it zero taxed pls suggest. As im going on loan purchasing option for new house
Sir, long term capital gains of a sold property, I want to invest in shares for long term. Can you clarify what are the tax complications? Also sale property value as per market price recorded in document and actual is always higher. So can you also clarify what's the sale value?
Hi, Is there tax break if I use the money gained from selling first house to repay housing loan of second house ?
No
I inherited one-third of my father's own earned house property. We are going to sell it out. So if I don't buy any immovable property I have to pay capital gains tax as per rule. But the other two brothers who inherited the remaining part evade to pay, must I have to pay their dues alongwith my due?
No only to the extent of your share of the inherited property
@@capritishburton7682
Thank you, Sir
It is a very nice n informative video. Thanks for the video.
Thank you
Is this video aplicable on sale of land / plot bought for construction of home?
Sir my doubt is you mentioned investment can be made in two properties for the capital gain amount is it possible to buy one house plot and also one residential house. If permissible what is the time limit with in which investment should have been made.
Plot is not allowed . Only residential house property
If the property is rec'd from ancestors how to calculate capital gain account?
The definition of property is constructed house only or a residential plot is also considered as plot?
Save TAX on Sale of Commercial Property | Capital Gain Tax on Sale of Property |CA PRITISH BURTON
ua-cam.com/video/eu3ZvpCHWHM/v-deo.html
Please refer
Tks for the cap gains info. Planning to sell property constructed in 2000 consisting of 3 shops in front behind 3 rooms and 1st floor 6 rooms. Shops declared McClellan. Out of 60/40 site 30/40 constructed. Sale price is 2.5 crores. Want 2 crores in White. This property is for daughter Karen married with 3 kids settled in U.S. we have to send money to her. Advise best options. Tks
Read after declared Commercial
Please watch my video on commercial property sale pls
Very nicely explained.. Thanks a ton. You're doing an incredible job.
Thanks a lot 😊
I have built a house in an agricultural property (Coconut Plantation)
outside Muncipal limit, in the year 1995, by spending ₹.5 lakhs. When I sell the property and house, what are the tax implications on the proceeds.
Check my latest video on agricultural lands
Please advise if the property is in the name of 2 joint ownership, how they will save the capital gain tax? How they will invest to save capital gain tax?
Sir
I have sold my residential plot recently which was purchased on 2009. Capital gains I will work out. My question is recently before selling this I have purchased agricultural property and I have invested for some developments.
Whether I can show this for adjusting my capital gain tax
No
Sir, long term capital gain tax can be saved in house purchased within 1 year. Here purchase mean date of possession or date of sale deed
Sale deed
Thanks for your guide. But I have a doubt. Suppose I purchased a piece of agricultural land (which is in a rural area) in the year 1993 and later stage I converted its Kisam i.e to "Ghar Bari". Now I sold it. How I will calculate my Capital Gain , Pl tell.
If the house has been constructed in about ten grounds in1989 in the land that was bought in 1978 and compound wall constructed in1996 how to calculate cost inflation if only land purchase sale deed is available. How to calculate the present inflation cost of house and compound wall. Kindly guide me.