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How is my LTCG taxed? - D. Chakraborty

T S Khurana

T S Khurana   |500 Answers  |Ask -

Tax Expert - Answered on Nov 23, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Dipak Question by Dipak on Nov 18, 2024Hindi
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Sir, Grateful for your reply dtd 15th instant stating my estimated tax liability for FY 24- 25. Would you kindly let me know break up of my tax calculation specially in respect of my LTCG. With kind regards D chakraborty

Ans: I am not in a position to trace my previous reply. Please mention exact date, to enable me to trace the same.
Further I would like to mention here that tax liability cannot be worked out unless complete information about your Income from all sources & all tax savings details are there.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Mihir

Mihir Tanna  |1069 Answers  |Ask -

Tax Expert - Answered on Nov 07, 2022

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Good Morning. I am a fan of yours and read you severally on Rediff replying queries of various Tax Problems. Sir, now I have a tax query and earnestly request you to resolve that which is as follows: My query is: I booked an under construction flat worth Rs.45.00 lacs which is scheduled to be ready for procession in year F.Y.2025-26. Now I sold shares worth Rs. 10,00,000/- and total amount paid to builder in F.Y.2022-23. Out of shares sold my LTCG IS Rs.700,000/-. Can I claim exemption for LTCG to that amount only which is given as advance in corresponding year? Again in F.Y. 2023-24 I will pay Rs.20,00,000/- by selling shares and LTCG of Rs.10,00,000/-. Can I claim Exemption for LTCG? Same process will happen in next 2 F.Ys. till procession of my new Flat. Can I claim exemption on LTCG on sale of shares in each financial year? Please also guide to fill ITR also for claiming above exemption in parts.
Ans: In respect of capital gains you can claim exemption from long term capital gains if the net sale consideration is invested in booking an under construction house. You get an extended period of three years to get possession in case it is booked with a developer.

In case the sale consideration is not fully invested in the residential house before filing of the Income Tax Return, the unutilised money has to be deposited with a bank under Capital Gains Account Scheme. The money deposited can be utilised within the prescribed period for payment of house.

You have to keep in mind that to claim this exemption, you should not own more than one residential house property on the date of sale of the shares except the one in respect of which you are claiming the exemption.

So once you claim exemption in FY 22 23, it is not advisable to claim exemption against gain earned in subsequent years.

In Income Tax Return, you can show the amount invested in property as exemption u/s 54F and if the entire 10 lakh consideration can not be invested in property then open CG account and show amount in ITR accordingly.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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