Menu
keyboard_backspace
Menu
ask a question ask a question
Get Realtime Updates of your Request. Download Vidhkarya App

Ask a Question - Free Legal Advice

Anonymous

Posted 3 months ago

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
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
Shanti Ranjan Behera Exp: 22 Year(s) Bhubaneswar
Rajender Prasad Experience: 5 Year(s) New Delhi
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
ARPIT BATRA Experience: 11 Year(s) South Delhi
Deepak Bade Experience: 9 Year(s) Nanded
I have a plot in Nagpur. It is a agricultural land and I have build shops & house on that Land. Since it is an ancestor property so there are 7 owners(Brothers & sisters) and each owner has 1000 sqft area. Now, the problem is we have verbally agreed to divide the land in 7 equal parts however, few of the owners are not ready to document this in stamp paper. 1) Can you let me know what is the process & documents required to file the tax on this land ? 2) Can i file tax only on plot i.e 1000 sqft aread ? 3)What are the consequence if the tax is not paid and for building shops & house on agriculture land ?
A. Dear client better to act quickly before the authorities take action under the relevant section of the Act.
Deepak Bade Exp: 9 Year(s) Nanded
ARPIT BATRA Experience: 11 Year(s) South Delhi
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Ambrose Leo Experience: 9 Year(s) Bangalore
Rajender Prasad Experience: 5 Year(s) New Delhi
Sir, I'm having 18-rooms building in pune. It is individually owned. Recently 1-year before maintenance society was formed and it made complaint against me to Pune Muncipal Corporation to charge me as commercial property tax. Till now since last 20-years I've been paying residential tax. In 12-rooms i'm keeping paying guest. Is it correct for the Muncipal Corporation to charge me as Commercial tax ? What I've to do so that corporation does not charge my property as commercial because Paying guest is not an commercial business?
A. Making any sort of earnings or profit from house property either from paying guest or tenants amounts to commercial business and the Corporation is correct in putting your property under commercial cap. What you can do is to appear before the concerned hearing officer on the date of hearing as mentioned in the notice and seek for some relief in the property tax.
ROBERT D ROZARIO Exp: 15 Year(s) Kolkata
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Namitabh Kothari Experience: 19 Year(s) Mumbai suburban
Deepak Bade Experience: 9 Year(s) Nanded
Rajender Prasad Experience: 5 Year(s) New Delhi
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore

Anonymous

Posted 8 months ago

AS FROM LAST 50 YEARS WE ARE LIVING IN A HOUSE ON RENT FROM THE TIME OF MY GRAND FATHER, AFTER THAT WE HAVE NO IDEA ABOUT OWNER OF THE HOUSE WHERE TO SHIFT , MIGHT BE THEY AND ALL THE FAMILY SHIFTED TO OUT OF INDIA, EVERYTHING WATER BILL, ELECTRICITY BILL AS ON MY NAME. SO I AM JUST CONFUSED ABOUT HOUSE TAX BECAUSE IF OWNER IS NOT AVAILABLE THEN WHO PAY HOUSE TAX. OR I WANT TO PAY I HAVE NO PROBLEM BUT I WANT TO CONFIRM. 1. IS IT IS POSSIBLE THAT I CAN PAY HOUSE TAX OR IF I PAID THEN IS THERE ANY ISSUE OR IF NOT PAID THE WHAT PROBLEM I HAVE TO FACE. PLEASE SUGGEST.
A. you have to pay it and recover from the land lord, if he is available.
Kishan Dutt Kalaskar Retired Judge Exp: 33 Year(s) Bangalore
Vedant Lakhotia Experience: 3 Year(s) Kolkata

Top Responding Lawyers

Kishan Dutt Kalaskar Retired Judge

Retired Judge

Experience: 33 Year(s)

Free Advice Given: 2122

Bangalore

View All Answers
Consult

Deepak Bade

Lawyer and legal associate

Experience: 9 Year(s)

Free Advice Given: 1291

Nanded

View All Answers
Consult

Ambrose Leo

Adv.Ambrose Leo Associates & Legal Consultants

Experience: 9 Year(s)

Free Advice Given: 1057

Bangalore

View All Answers
Consult

Shanti Ranjan Behera

Advocate

Experience: 22 Year(s)

Free Advice Given: 974

Bhubaneswar

View All Answers
Consult

Rameshwar Dadhe

As a advocate

Experience: 2 Year(s)

Free Advice Given: 829

Aurangabad

View All Answers
Consult

Vedant Lakhotia

Legal Counsel

Experience: 3 Year(s)

Free Advice Given: 826

Kolkata

View All Answers
Consult

ROBERT D ROZARIO

Advocate High Court

Experience: 15 Year(s)

Free Advice Given: 768

Kolkata

View All Answers
Consult

Rajender Prasad

Lawyer

Experience: 5 Year(s)

Free Advice Given: 622

New Delhi

View All Answers
Consult

Prabhakara S K Shetty

Advocate

Experience: 19 Year(s)

Free Advice Given: 604

Bangalore

View All Answers
Consult

ARPIT BATRA

Attorney

Experience: 11 Year(s)

Free Advice Given: 522

South Delhi

View All Answers
Consult

GANESH SHARMA

Criminal Lawyer

Experience: 3 Year(s)

Free Advice Given: 409

Faridabad

View All Answers
Consult

Abhimanyu Shandilya

Advocate and Legal Counsel

Experience: 14 Year(s)

Free Advice Given: 396

Kolkata

View All Answers
Consult

Nirmal Chopra

Dr

Experience: 20 Year(s)

Free Advice Given: 381

New Delhi

View All Answers
Consult

Ashish Dongre

Advocate

Experience: 12 Year(s)

Free Advice Given: 327

Mumbai City

View All Answers
Consult

NILANJAN CHATTERJEE

ADVOCATE

Experience: 5 Year(s)

Free Advice Given: 310

Howrah

View All Answers
Consult

Vishwabandhu

SENIOR LAWYER

Experience: 38 Year(s)

Free Advice Given: 291

Jabalpur

View All Answers
Consult

Johnson Thangiah

Advocate / Trial Advocate

Experience: 18 Year(s)

Free Advice Given: 274

Tirunelveli

View All Answers
Consult

Mohd Imran

Advocate

Experience: 4 Year(s)

Free Advice Given: 261

Faridabad

View All Answers
Consult

Manjula Shanmugasundaram

Advocate

Experience: 18 Year(s)

Free Advice Given: 204

Chennai

View All Answers
Consult

Rajeev RJ

Advocate

Experience: 17 Year(s)

Free Advice Given: 195

Thiruvananthapuram

View All Answers
Consult

Ved prakash Shaw

Advocate

Experience: 38 Year(s)

Free Advice Given: 132

Bhubaneswar

View All Answers
Consult

VIMAL K MISHRA

Advocate High Court

Experience: 15 Year(s)

Free Advice Given: 123

Allahabad

View All Answers
Consult

Sanjay Kumar Jha

Advocate

Experience: 17 Year(s)

Free Advice Given: 114

Patna

View All Answers
Consult

Junaid Ali Khan

Advocate

Experience: 2 Year(s)

Free Advice Given: 112

New Delhi

View All Answers
Consult

Neeraj Kumar

Advocate

Experience: 1 Year(s)

Free Advice Given: 100

Patna

View All Answers
Consult
View All

Are you looking for Lawyer ?

  • To File a Case
  • To Send /Respond to Legal Notice
  • To Defend a Case
  • To Draft/Review a Document/Agreement
  • To Represent an ongoing Case
  • For Registration Services
  • For Legal Opinion

post your matterPost Your Matter

Need a Quick Legal Advice NOW?

Don’t want to wait! Call at the toll free
number and get a call from an expert Lawyer
within an hour!

talk to lawyer7604047601

Most Viewed Questions

Review and Confirm

Consultation Request for Advocate {{lawyerName}}
Consultation Type : Meeting Consultation
Charges :  ₹ 118 (with 18% GST)

Login to Respond the Question

Log In Failed ! Wrong email or password

Enter Password

You are a registered member. Please provide your password. If you have forgotton your password please go to Signup and Select Forgot Password to reset your password.

{{ passwordErrorMessage }}

Few More Details

Please Do not Close this browser, and provide the following required details -

{{ firstNameErrorMessage }}
{{ lastNameErrorMessage }}
{{ passwordErrorMessage }}

Verify OTP

We have sent you an SMS containing the OTP(One time password), please verify your phone number -
{{ otpErrorMessage }}

If you haven't received any OTP, please click the Resend button below. You can change your registered mobile number by clicking on the Edit icon.

{{ newPhoneNumberErrorMessage }}

Resend OTP

Error

This Email Id : {{ email }} already exists and registered as a Lawyer. Please use a different Email Id to post a Question as a Client.
talk to an experienced lawyer Talk to a Lawyer
talk to an experience lawyer in India
post your legal matters Post your matter
post your legal matter
request for a call back Request Callback
request for a callback
contact us for legal advice Contact Us
contact us for legal advice