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T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Aug 06, 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

Question by Satish on Aug 02, 2024Hindi

Money

What about indexation which is permissible on property purchased prior to the year 2001?

Ans: FM has been quoted to have said that property purchased before 01.04.2001, shall continue to enjoy benefits of indexation. Official details are still awaited. I feel where benefit of indexation would be available, in that case LTCG may be taxed @ 20%. Kindly wait for the official clarification in this regard.
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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Question by Berges - Jul 23, 2024Hindi

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Under new budget if I sell my house I am not entitled to indexation. Also if I have purchased my house before 2000 this rule will apply

Ans: Your understanding is correct that indexation benefit is not available for sell of any long term capital assets.

Incase you have bought a house prior to 2000, you will get the fair market value as on 01 April 2001 as your cost. However, you will need to get a valuation of your property done to achieve this number from a property valuer.

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Question by AJAY - Jul 24, 2024Hindi

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IF I BOUGHT PROPERTY IN THE YEAR 1980 AND SELL IN JUNE 2024. WILL I BE ABLE TO TAKE ADVANTAGE OF INDEXATION FOR SELL OF MY PROPERTY, AS IN BUDGET 2024-25 INDEXATION IS REMOVED.

Ans: As per Budget Proposals-2024, for the F/Y 2024.25, you may opt any of the following Options :
(a). Tax Rate 20% with Indexation or,
(b). Tax rate 12.50% without Indexation.
You may calculate the tax accordingly & go for the minimum tax option.
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T S Khurana |367 Answers |Ask -Follow

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Question by V - Jul 25, 2024Hindi

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My father bought a house property in 1968 comprising of two floors. He passed away in August 2001 w/out a leaving Will. Me & My elder brother thus became co-owners until we executed two mutual Release Deeds in October 2023 whereby each of us became sole owners of Ground & First Floors respectively. If the property were to be sold by both of us now to a single buyer, will the date of acquisition continue to be reckoned as 1968 ( original year of acquisition by our father ) being a legacy asset and thus eligible for Indexation benefit even post 23rd July 2024 ? In other words does indexation continue in respect of inherited properties where the original acquisition date is prior to 2001 ? Thanks in advance for your valuable opinion please.

Ans: 01. In case of Sale of property by one or both of you, to a single buyer, its date of purchase shall remain 1968 only.
02. In the instant case, you would be entitled to the benefit of Indexation.
Most welcome for any further clarifications. Thanks.

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Asked by Anonymous - Jul 30, 2024Hindi

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Sir..property purchased in 1988 my my mother... Construction done in two phases ..once completed in 1996...second in 2013...a loan was taken in 2011 for construction which was squared up in 2023 March...and the property was gifted to us children in April 2024 itself...a gift deed was executed in name of the children... The property was sold off in June 2024... Will indexation be available on this sale as it is after 23.7.2024 the new IT rules have been proposed.Thanks

Ans: Hi,
Since the property was purchased before 2001, the sale after the gift deed should be eligible for old LTCG with indexation

Best Regards,
Anil Rego,
Founder & CEO,
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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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