Thanks a lot for your reply that we 5 brothers discussed among ourselves in last few weeks and I put "Good" Grade to it. Please reply by email only to me at [deleted] and no pone calls as I am deaf (but well educated) so cannot hear voice phone talk. Thanks Important: ((I)) What is date for paying LTCGTax on land property sold in December 2021 this month? Is it up to 15 January 2022? Rate being 20.8% (20% Tax + 4% cess on that 20%)? If so which form to use to pay this tax? (By ITax Challan ITNS20 ?). Can this LTCGTax be paid in instalments? If so what is permitted time limit for instalments? Thanks ((A)) But would you please clarify if "indexing" is applicable to inherited land sales. In our case the inheritance is based on following points. If it is indexable is it as (a) Index of year of demise of the bequeather - our Mother /(divided by) index on year of sale of the inherited property (e.g. (c) 2009 index / (e) 2021 index as in notes below. Our parents (a) bought it in 1967 in our Mothers name; (b) Mother wrote her will in 1996; and (c) Mother died in 2009; and (d) we registered the partition deed of this inherited property in 2012; and (e) selling it in 2021. So, what is the base year for value indexing (is it year 2009 when mother died)? (or any other of above listed a, b, c, d ?). That is, LTCGTax amount be lowered by formulae (c) Bequether's demise year index /(divided by) (e) selling year index? ((B)) What is the value to be so indexed? Is it Fair Value in Municipal and State Govt publications? Or is it price paid? In this case only price paid is in (a) buying of the land in Financial year 1967; and (e) selling of land in Financial year 2012. ((C)) Is the 3 lakhs free limit for sr citizens aged 60-80 years inclusive of LTCGains? That is if the LTCGains + other income (with Chapter Vxx exemptions) is more than 3 lakhs, the excess will be subject to LTCG? ((D)) That Annual Information Statement (AIS) on our income tax payers site will show the transactions amounts from which we can claim concessions if any based on ((I & A to C)) above. Right? Awaiting Your Kind Reply, Thanking You, our email : [deleted]
What are penalties and interest on tax payable for delayed LTCGTax on land sold? Thanks
Can an inherited property land sale LTCGTax be reduced by indexing at (1) Index year of demise of person from which the land was inherited /(divided by) index of year in which it was sold? Or by any other method of indexation - - such as using year in which the inherited land was partitioned and registered at sub register / year of sale or other method? Thanks
Is the 3 lakhs free limit for sr citizens aged 60-80 years inclusive of LTCGains? That is if the LTCGains + other income (with Chapter Vxx exemptions) is more than 3 lakhs, the excess will be subject to LTCG?
Hi
I. If sale has taken place before 15 dec, then 75% of tax to be paid by 15 dec and remaining before 15 march. If it has been sold after 15 dec, advance tax needs to be paid by 15 march.
Use challan 280 for advance tax payment.
A. and B. Stamp duty value of April 2001 will be used as coat of acquisition. Indexation will be done with 2001 as base year.
C. Yes, basic exemption limit is available against capital gain income also for residents.
D. Kindly clarify the query.
In case of inheritance, the holding period is considered from holding of the original owner.
1) It should be paid before 31.03.2022 to avoid interest.
2) Challan No. 280
3) Base indexation year 01.04.2001
4) stamp duty value as on 01.04.2001
5) Yes basic exemption limit is available in case of LTCG if it is available after adjustment with other income.
