LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Rajeev1978 (Manager)     06 February 2016

Taxation in sale of property for a senior citizen?

What will be the tax implication in sale of a plot of land around 35 lakhs for a , house wife & senior citizen (around 65 yrs)who is a pensioner, drawing the pension of her late husband to the tune of 1,80,000 (p.a.),which she later wants to invest in a commercial property in a years time ?



Learning

 3 Replies

Ms.Usha Kapoor (CEO)     10 September 2016

Dear Client,

            If she has no other source of income and pension  is her only source of income it is much less than the ceiling limit of Rs.3 lakhs for senior citizens she is exempt from  tax liability and also not bound to file any tax returns.If by selling the flat property  of  Rs./35 lakhs she generates capital gains or make profit by generating capital gain and she held the property for less than 36 months she is liable to short term capital gains tax. If she sells the property  after 3 years  unless she invests th epropewrty in Section 54 , 54EC, 54F etc she  has to pay long term capital gains tax or 20%  as applicalbel on her tax slab.rate

Uziel (TSA)     10 September 2016

One has to calculate the CG from date of purchase to date of sale

s.prabhakar (Superintendent)     28 June 2017

what is the IT rate for short term CG, ? Upto which excess amount the CG rate of 20% is applicable?


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register