TAXATION SIMPLIFIED: CAPITAL GAINS ON SALE OF INHERITED PROPERTY | CA Pritish Dsa
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- Опубліковано 30 лип 2024
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In our latest video series, "Taxation of Inherited Property," we simplify the complexities of inherited property taxation.
To understand key concepts, legal frameworks, and tax-saving strategies on SALE OF HOUSE PROPERTY:
Watch Part 1: • Save TAX on Sale of Ho...
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Watch Part 2: • Save TAX on Sale of Ho...
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hi sir what happen when the government value is high and market value is low in this case how can we caliculate capital gain for the ancestral property of an agriculture land
Excellent video giving pertinent information in a very simple language. Thanks!
If the total cost of acquisition is let say 12 lakh rupees and there are two inheriter then can they both fill the cost of acquisition as 6 lakh in their respective ITR sections? I am stuck here in the similar situation.
Sir my deseased father got the property inherited in 1950 then how to calculated it?
My father received property from his grandfather before 1981.
In case if my father sell property does he has to pay capital gain tax ?
We are 14 legal heirs of my grandfather's residential property. It has been decided that 12 of the heirs will relinquish their rights in the property. Consequently, those rights will be transferred to myself and the son of my late father's deceased brother, who is also a legal heir. In consideration for the transfer, both of us will be making a payment amount to the other heirs.
How tax will be calculated in above case STCG or LTCG ?
Sir please tell me that the cost of acquisition on 1/4/2001 was not know because the property purchased before that date, then the cost of acquisition was fmv on that 1/4/2001 or SDV on that 1/4/2001 which is to be considered please tell me because the FMV was 8150/- and SDV was 3300/- only per square yard.
I got a property of 4 katha land in West Bengal by deed on transfer from a co-operative society on November-1996, which previously owned by my late father (purchased on 1964 at ₹3000/- total ) I paid no Stamp duty ( then due to co-opt act. the valuation amt. was stamp duty free) and no transaction fees only Lawyer fees and typing charges, what will be the my purchase cost if I sell the property now?
I have received an E-verification intimation through post but the same intimation is not reflected in the AIS E verification portal (stating No records).
Many doubts will be clarified every time I watch this video.. all your videos is my quick reference Pritish..
Thanks a lot Suma
Sir, I have sold the house after 7 years of purchase and had kept the amount in capital gain scheme which I have withdrawn to purchase a site but now for the time being I can't build the house,do I have to pay the taxes? Is there any way to avoid it?
Very Informative Video Sir...
Sir. In case an employee working as a contracted employee and TDS has been deducted u/s 194c, how such an employee is going to file the return because he is not a salaried employee, can we file ITR 4, while filing it is auto-populated in ITR 4 under business income, so.. can he file his income by recognizing that total amount under the Business income or Profession income under 44ada or 44AD by showing 100% receipt as income? Plz help me his income is under 5 lakhs .. waiting for your reply and thanks for your valuable content
Sir what if we don't know purchase price of village house property then how to calculate
Very helpful thanks a lot
Under Budget 2024..Its still unknown..that Pre 2001 "FMV" or StampDuty Value ...Residential property...will be allowed to be 'Indexed' if sold, AFTER 23 July 2024 ??
Can i invest capital gains from property sale in shares thank you
Hi Pratish. Very informative video. Have a couple of question -1) how do we get the CII for 2001? 2) would need more clarity on as to how we can get the cost of acquisition of 1-apr-2001 as per option 1? Can u give more clarity. This is incase of inheritance scenario.
Good morning sir,
Sir old house purchased in 2005 for 1 00 000. New Building g+1 constructed in 2008 but bills not available. I received in inheritance this year. I am selling this year.How shall I calculate tax.
Please explain
A house of my mother given to me by court degree last 30 years ago.Please Can I Capital gains received through this sale of house to consruct 2nd floor of my another house. Please tell me in detail to save the tax
Sir I have a question, My father has availed capital gain exemption under sec 54. We have built a house in May 2022. Now he wants to gift me in march2024. Can he gift me, will there be any capital gain tax or any tax liability. Kindly enlighten.
Kindly explain the exemptions in this particular case also. Thanks
My father purchased land in1959 in my mother's name by paying Rs. 3000/- as per sale deed or kewala. Than constructed double storied house phase by phase 15 yrs that is till 1975 . What will be the cost of acquisition ?
If my total income in the financial year is more than 1 crore (Salary +Sale of Ancestral property) , how much percentage of tax do I have to give ? 20 % ? Or more surcharges will be applicable ?
if the propery was bought 50 years back your 1970 then how capital gain is calulated
Thanks. Good information. Suppose the property was inherited by my father in the 1950s and I inherited it it in the 1996. If I give this to my foreign born children as gift do they have to pay inheritance tax or is it gift tax? if we sell the property now after they receive the gift what type of tax they will have to pay.?
No tax in india at the time of gift . Only when they sell it they have to pay capital gains tax
Hye, I had purchased one plot at 700000 registry cost in Feb 2021, now I will be selling fully constructed house two floor at 3100000 registry cost will I have to pay any tax?
Need to calculate
Thanx a lot sir, problem i faced in ITR is i sold my inherited property for price much lower than the price which was shown in IT website. What can be done. I dont hold any cash every transaction was made through bank account. Plz help
You mean the stamp duty value was more than you actually sold it for ?
@@capritishburton7682Same case. And yes the recieved amount is less than current market evaluation.
Can payment to tenant under rent control act to vacate be termed as improvement to property before sale
No
Sir My deasesd father got the property inherited in 1950 currently 4 sons planted to sell outside the how to calculated tax?
Our question also same above. Please answer me
I am a Portuguese passport holder, I wanted to know how I can avoid or minimise paying tax on Ancestral property sale proceeds and get money to UK?
Same as I have explained in the video . Watch my video on sale of inherited property
Hi Pratish.. can you explain the LTCG STCG based on Budget 2024 norms ?
Sure making a video shortly
Is any tds applicable on sale of house property value belowRs50 lacs by nri to resident Indian under section 194-1A
For NRI , limit of 50 lacs is not applicable . TDS is mandatory at 20 percent
after paying 20% capital gains tax after property sold can we invest that amount in shares thank you
Yes you can
Great
Thank you
Very informative
Thank u
Thank you
Sir
My father bought a land at Rs 1 lakh in 2005 , he passed away then my mother and myself sold that land in 2003 at Rs 48 lakh. And we don't want to buy any other property how can I save my capital gain tax
2003?
Sir, whats the best way to find a Govt approved valuer in Mumbai?
No idea in mumbai
@@capritishburton7682 Thanks Sir, will check with my CA
Good
Thank you 😊
My husband died 2022 and before his death he gave the plot under joint venture and we got 5flats out which 2 were sold for which TDS wS deducted. Have we to pay tak ?
Yes need to compute tax. Consult a tax expert
Tanx for videos in english sir 👍
Thank you
Thanks a lot very informative video
Thank you
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