Long term capital gain tax
2 years ago
I have sold my residential property and I have to construct new one immediately, the money I received for selling my property will be deposited in savings account( not at a time but in 4 installments), do I need to pay tax, will it be auto deducted from my account or what will happen?
A.Hi,
Interest on a savings account is taxed under the category of "Income from other sources." Furthermore, Section 80TTA allows a deduction of up to Rs 10,000 on such interest income, therefore interest received in excess of Rs 10,000 is taxable.
Thank you. Kindly rate the answer
Interest on a savings account is taxed under the category of "Income from other sources." Furthermore, Section 80TTA allows a deduction of up to Rs 10,000 on such interest income, therefore interest received in excess of Rs 10,000 is taxable.
Thank you. Kindly rate the answer
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
It is advised to you that you should consider consulting your issue with an practicing chartered accountant, as he would be in a better position in advising you in tax related and compliance matter.
If you like my answer, please rate me.
It is advised to you that you should consider consulting your issue with an practicing chartered accountant, as he would be in a better position in advising you in tax related and compliance matter.
If you like my answer, please rate me.
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A.Dear Sir,
Upto three years from the date of selling the property you can construct your new house with the proceeds received from the sale of old house. For more details you may contact any nearest chartered accountant.
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Upto three years from the date of selling the property you can construct your new house with the proceeds received from the sale of old house. For more details you may contact any nearest chartered accountant.
Rate me Five Star*
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