If you have not been able to invest your capital gains until the date of filing of income tax return usually 31st July of the financial year in which you have sold your property, you are allowed to deposit your gains in a PSU bank or other banks as per the Capital Gains Account Scheme, However, you must invest this money you have deposited within the period specified by the bank, if you fail to do so, your deposit shall be treated as capital gains.
What happens if you do not intend to purchase another property, there is no use of investing the amount in a Capital Gains Account Scheme. In such a case, you can still save the tax on your capital gains, by investing them in certain bonds. These are redeemable after 3 years and must not be sold before the lapse of 3 years from the date of sale of the house property. You are allowed a period of 6 months to invest in these bonds — though to be able to claim this exemption, you will have to invest before the return filing date.
The Budget for has specified that you are allowed to invest a maximum of Rs 50lakhs in a financial year in these bonds. Vide the budget, the government has proposed to amend the above section by restricting its scope only to capital gains arising from long-term capital assets, being land or building or both.
It is also proposed to provide that long-term specified asset, for making any investment under the section on or after the 1 April , shall mean any bond, redeemable after five years as against the earlier three years and issued on or after 1 April by the National Highways Authority of India or by the Rural Electrification Corporation Limited or any other bond notified by the Central Government in this behalf.
This amendment will take effect from 1 April, and will, accordingly, apply in relation to the assessment year and subsequent assessment years. For short-term capital gain, the person can benefit from the basic exemption limit of the income tax slabs. Hence, the only benefit of exemption in short-term capital gain is through an unutilised basic exemption limit, as explained above. Thank you for your response. Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities.
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Read on to know more about it. The scheme is targeted at private sector employees. Read further to know about the scheme in detail. One of the most important factors that are taken into consideration by lenders when you apply for a loan is your CIBIL score.
First Name Last Name. Investment in a real estate property is one of the most sought-after investments in India. While most purchase a property to get a permanent roof for their family, others invest in properties to earn valuable returns from it. A real estate property is a capital asset and profit made from the sale is termed as capital gains, and it is a taxable income. In simple words, any profit that you may earn from the sale of a capital asset like a real estate property is termed as a capital gain.
One of the vital things to know about capital gains tax is that it does not apply to the inherited property, or property received as a gift as there is no purchase or selling involved.
The capital gains tax is applied only on the transfer of ownership. However, if you decide to sell the inherited property and earn a profit, capital gains tax will be applied. Types of Capital Gains Tax In India, there are two types of capital gains tax — short-term capital gain tax and long-term capital-gain tax Short-term capital gain tax Any asset that you hold for less than three years is known as a short-term asset.
In case of immovable assets like real estate property, the holding duration is two years. The profit earned from the sale of such assets is treated as short-term capital gain, and it is taxed accordingly. Long-term capital gain tax Any capital asset that you hold for more than three years is categorised as a long-term asset, and the profits earned from the sale of such assets is treated as long-term capital gain and taxed accordingly.
Yes, you can avoid paying capital gains tax by taking advantage of the tax exemptions under different sections of the Indian Income Tax Act, Section 54 When you sell any property like a house or a piece of land and earn profits from it, it attracts capital gains tax. Corning Gorilla Glass TougherTogether. ET India Inc. ET Engage. ET Secure IT. Tax How to file ITR. Tax Saving. ITR Forms. Income Tax Refund.
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