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Anonymous
Posted 4 weeks 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
Rahul G
Posted 1 month ago
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.
sachin Yewale
Posted 2 months ago
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.
Anonymous
Posted 6 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.
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