sir,
it Assessee property in the year 2024 for a sale consideration and made a separate agreement for the sale of furniture & fixtures.
So both the Building cost and Furniture & Fixtures cost credited to Assessee account separately… Building Sale Stamp duty paid and TDS Deucted
For Furniture & Fixtures made an agreement in Rs.100 stamp paper but deducted TDS by the Buyer.
Query:
assessee to pay any capital gain or any tax on the sale of Furniture & Fixtures in this or totally exempted.
Furniture and fittings are classified as personal assets if they are not used for business purposes. Therefore, if you have used this furniture and fittings in a residential property, you will not be liable to pay capital gains tax upon their sale.
Yes, capital gains tax is applicable on the sale of property, depending on the profit made and the duration of ownership. If the property is held for more than two years, it qualifies for long-term capital gains tax, which has favorable rates compared to short-term capital gains tax.
hi Jayni ji
If I sell a property in March 2025 so let’s say I have received 20 lacs from the property
Within how much time do I need to buy another property so that I don’t have to invest the money in in that infrastructure bonds
Hello @Punit_T
If you sell a property and want to save tax on the capital gains, you must purchase another residential property within 2 years from the date of sale or construct a new one within 3 years. Further, if the property is not purchased before the due date of filing the ITR, the capital gain amount should be deposited in a Capital Gains Account Scheme (CGAS) before the filing deadline to claim tax exemption.
What are the implications on the Seller for Capital Gains if the sale proceeds of a residential flat is well below circle rates? The reasons may be due to encumbrances and litigations on property
Hello @sindra
If a residential flat is sold below the circle rate, Section 50C of the Income Tax Act deems the stamp duty value as the sale consideration for capital gains tax. However, if the price difference is within 10%, the actual sale price is considered.
Further, if the lower price is due to encumbrances or litigations, the seller can challenge the deemed value before the Assessing Officer (AO). The AO may refer it to a Valuation Officer for a fair assessment.