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Q. capital gain

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Anonymous

posted 10 months ago

Q.capital gain
My father had purchased a property in 1970 which is in my name since last ten years. This year I demolished the house which was built on it at the time of purchase by my father and got a new plan passed by the municipal corporation and constructed new semi constructed building on it. Now I want to sell a part of it. Now my question is whether it will attract long term capital gain as my father had bought it in 1970 and it is in my name since last ten years or short term capital gain since I have constructed a new structure on it by demolishing the original structure and it has just been 11 months since i started the new construction

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 10 months ago

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A. ) Dear Client,
You need to have a look to the following:
Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
If you sell property that is not your main home (including a second home) that you've held for at least a year, you must pay tax on any profit at the capital gains rate of up to 15 percent. It's not technically a capital gain, Levine explained, but it's treated as such.
The current long-term capital gains tax rates are 0%, 15%, and 20%, while the rates for ordinary income range from 10% to 39.6%. However, big changes could be coming to the tax brackets in 2017, and your long-term capital gains tax rate could be affected.
The best solution for you would be to get the work done either through a Income Tax Advocate or Chartered Accountant.Still better meet the Income Tax Officer directly he will do the job for you.The money which you pay is used for nation building.
Shanti Ranjan Behera
Advocate

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 10 months ago

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A. ) Dear client kindly go through CA

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ARPIT BATRA

Experience: 11 Year(s)

Responded 10 months ago

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A. ) A CA would be able to help you better.

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 10 months ago

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A. ) It is better to ask this question to Chartered Accountant.

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Rajender Prasad

Experience: 5 Year(s)

Responded 10 months ago

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A. ) Dear client, contact some financial tax expert advocate through vidhikarya.com

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