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Save TAX on Sale of House Property | Capital Gain Tax on Sale of Property |CA PRITISH BURTON
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- Опубликовано: 3 окт 2021
- In this video i have explained how to save tax on capital gains arising from sale of residential house property under section 54, 54EC of Income Tax Act.
Contents of the Video:
- Meaning of Capital Assets
- Exceptions to the Capital Assets
- How to Save Short term capital gains on sale of Residential House Property
- How to Save Long term capital gains on sale of Residential House Property
- Indexation Benefit on sale pf property
- How to calculate Capital Gains
- Relatives as per The Income Tax Act, 1961
- Section 54
- Section 54EC
- Cost of Improvement
- Capital Gain Account Scheme
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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
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
Very beautifully explained, I hope many people will be benefitted with your informative and simple explanation. Thank you
Thank you 😊
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.
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 informative video Pritish
Thank you 🙏
Very good video
@@capritishburton7682⁰0000000
Very nicely explained.. Thanks a ton. You're doing an incredible job.
Thanks a lot 😊
Very comprehensive covering of the subject and very informative. Thank you.
Thank you very much
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 informative
Thank you 🙏
Quite informative. And the presentation was crystal clear. Thanks for the same.
Thank you
Thanks for a comprehensive video on Capital Gains. Very nicely explained.
Thank you 🙏
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
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
Thank you. I did not know about Agricultural land . Your video is very good.
Peace
Thank you
Very useful information. Explained in detail.Thank you very much for your valuable information.
Thank you 🙏
PART-2:
Watch Now : ruclips.net/video/6ANo0wmmvSA/видео.html
Capital gains on Inherited Property: ruclips.net/video/Yt_cnMPO19k/видео.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.
very informative
Thank you
Very well explained
Very nice
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.
Sir, your explanation is very kind, generous and crystal clear
Thank you 😊
Very well explained
Thank you i
Very good video
Nicely presented. Looking forward for your video on commercial property capital gains
Already made a separate video on that topic .
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.
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?
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?
Thanks, that is very insightful.
Thank you 🙏
Very good. Impressed.Keep it up.
Thank you 🙏
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?
Hello Pritish Ji,
Can we use capital gain from one property to pay off loan/loans linked to other property (such as dispose off working capital limit or pay off business loans etc)
Thank you Sir, I understood very much, it is definitely helpfull.
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
super explanation. crystal clear. your presentation was excellent
Thank you
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?
Very Simply Explained & More Interestingl
Thank you very much
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
Nice presentation. Can you clarify about investing into a property by selling two properties , the timelines for investment / sale of property. I could not get this through google. This is investment for a bigger house by selling two properties at different locations
Hi Sir, very well explained!! Kudos to you. however, I have the following question regarding the same topic. Qn: I have a joint property with my spouse, and we have constructed a house in the site (construction is not 100% completed), in between due to some personnel issues we decided to part ways. And I decided to transfer the entire property to my spouse for which she agreed to pay me some consideration. Now, Is this amount taxable? is so at what percent? and how can i save tax on this amount. Thanks in advance.
Thanks Pritish. Very informative and I’ve subscribed based on this. Question I have is: is there a stipulation that the long term cap gain cannot be claimed if I already own 2 residential properties and I want to apply cap gain to a third one? Also I bought the 3rd via loan in Sep 2021 so if input all my cap gains to close the loan for this property will I be exempt for ltcg
No at max 2 residential properties
Very good information those who have sold their property.I am one among them. Thanks a lot
Thank you 🙏
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 want to sell one of my plot which was purchased in 2007. I would like to construct two floors with the that amount on my existing house. Can I claim LTCG tax?
How many times can the Gains from capital gain can be invested in Section 54EC ? If I sell two house property can the gain be invested twice in section 54EC in case it’s met the maximum limit of 50 lakhs for both properties.
Sale of a House or site property, can we use the amount to clear the Housing loan taken for the construction of the House? Is this provision available under the Capital gain scheme?
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 good explanation Sir, thank you very much
Thank you very much
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.
It is a very nice n informative video. Thanks for the video.
Thank you
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?
Hello Sir/Madame,
We received sales proceed from residential property selling. Date of transfer was in Dec 2021. But we received final proceed in March 2022. So can we invest the calculated capital gain in 54EC Bond, now?
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?
If any improvement done inside the flat like plastering the walls to protect from leakage, painting etc can be counted as cost of improvement?
If we sell a house and re invest in two different site (no house - plain land) then it will be tax free?
Can this benefit be availed of you're investing in property purchased in the name of blood relation & not self?
In case of residential joint property between husband and wife (1) does it mean that each holder can purchase 2 individual residential properties, i.e in total 4 residential properties ;. (2) does capital gain of less than 2 crore apply on per assessee basis.. i.e., less than 2 crore for 1st holder of the property and less than 2 crore for 2nd holder of the property OR the correct interpretation is that the capital gain of less than 2 crore is nothing to do with joint holders it means on the property itself. Pls clarify SIR for everyone's benefit
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
Very nicely explained which is very informative too.
Thank you
Is this video aplicable on sale of land / plot bought for construction of home?
Can the capital gain amount made on commercial property be utilised for repayment of existing home loan ?
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
Sir , can we invest in 54EC from the long-term capital gains from sale of residenial property and get exemption as u said .. because I thought this part changed ... Are u sure sir 🙏?
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
Excellent video.
Sir, Please clarify whether exemption from long term capital gain tax on sale of house property can be availed by investing in a new home if the gain exceeds two crore rupees.
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?
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?
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?
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 good only point to point information
Thank you
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.
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 👍🏼
Which amount has to be invested in bond? Total sale proceed or only indexed capital gain amounts
Thanks for clear cut explanation👏👏
Thank you 🙏
I sold my house owned by me and my wife in feb 2022 . We bought the land in 2007 constructed the house in 2009, and did lots of improvements over a period of 6 years and on my retirement started staying there from 2017.
The purchase price of land and construction put together bow about 33 lakhs abs frequent improvement added cost say around 12 Lakhs is totaling to about 42 to 44 lakhs in all.
Now I don’t have any documents of all those deals as it is nearly over 15 years .
I don’t know indexation cost et
I sold my house for 80 lakhs and have Appx about 40 lakhs capital gain over these period of 2009 to2022 .
Am I to pay any income tax
This being joint property do we have the gain equally
Am I to invest the amount within 6 months or buy bonds etc
Please advise
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, how is the value of investment arrived if house is constructed during the year 1975 on land purchased earlier, at that time bank loan was not available for house construction.
Auditor says a person can only file 1 property but in your video a person can make 2 property , is there different section for the second property or do we have an option to file the second one below after the first one added , please explain , also does the law of selling land and house has same rules of capital gain
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?
I have purchased a plot of land in my native place in the year 2008 and constructed a house in the year 2013. The total cost incurred is around 30 lakhs. Now in year 2022 I wish to sell the same and buy home in metropolitan city. Is the capital gains taxable ? Please advise...
Is bore well and repairs to roof can be considered as improvements.
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
Hi sir from sale of property i.e., long term capital gains if we can purchase Gold we get taxed or not
Hi Sir very nice video . I have a under construction property and construction may be completed by 2022 year end. I bought this property in 2019 and am planning to sell now and probably will be sold by 2023 only ....however i have already bought another bungalow this month( august 2022)..under this scenario have the following questions
1 will the sale from under construction property which I am selling come under long term or short term capital gains
2 can I apply for tax relief for the new property even if the new bungalow I bought is under joint ownership of myself and my spouse ?
How to calculate capital gain on sale of personal gold jewellery to the tune of 40 to 50 g only .The jewelry purchased in the year 2005 but as such no bill available
If more than one property is to be sold then is it better to sell them in same Financial Year or in consecutive years?
Very good information, I got from U Sir. Thanks🙏🙏🙏
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
Dear sir,
If inheritor of a residential property has mutated the property in his name recently, what will be considered as the date of
purchase by the inheritor - the date of mutation or the date of purchase of the property by father of the inheritor for the purpose of capital gains tax ?
Thanks. Good information.
Thank you
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.
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
To purchase a house 2 yrs period is allowed. In that case how can we file ITR annually ( for the first year) , before reinvesting the capital gains , since it is mandatory to disclose all the sources of income of that particular year . please comment.
Sir please guide will i be taxed if I spend the property sold money on redevelopment of my another property
Whether sale proceeds of property can be invested in my spouse proprty for construction.is it exempted from tax
Thank you very much. The video was indeed very informative. Please clarify following:
I have purchased some land in 1983 for agricultural purpose. A part of this land was sold 3 months ago as a residential plot. Does this deal attract capital gains tax?
Please check my new video for detailed explanation on this topic
@@capritishburton7682 Sir 1 thing i want to ask, the gain/loss is calculated from the price in which i have purchased the property or the government's rate of property.
I am asking sir that, for example
i have purchased my house at 1 lakh & sold at 5 lakh, but government valuation is 10 lakhs of the house.
So i have done a loss on sale or profit on sale.
Please explain this sir. And if i have done loss, then do i have to pay tax or Not applicable on loss ??
Pls do reply...
Sir how capital gain tax is applicable to be residential plot purchased in April 2018 and now being sold in March 2022 for purchase of another residential plot. Cost of purchase in April 2018 was Rs 20 lakhs with 18 lakhs loan outstanding and new plot purchase price is Rs 20 lakhs
Dear Sir.
When there is capital gain. Though the assessee wants to buy another property. if there is delay in deciding to buy when he has couple of alternatives whether he can keep the capital gain amount in fixed deposit for about 3/4 months
Good one Pritish
Thank you 🙏
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.
Well explained ,thank u sir
Thank you 😊