Benefit of Capital Gain Tax

Benefit of Capital Gain Tax

Can I buy a house and sell my old house after a few months. What will be the tax liabilities?

Calculate Capital Gain

by Vishwa
(Pathankot)

Calculate Capital Gain

Mr. Sudesh Sold his house on Ist May, 2009 for Rs 12, 00,000. This house was purchased by his
father in 1960 for Rs 50,000. Mr. Sudesh got this house in inheritance on the death of his father in
1977-78.

On 01.04.1981 fair market value of this house was Rs 150,000. On Ist December, 2009
he purchased another house for Rs 2, 50,000. For the assessment year 2011-12. Please calculate his capital gains.

Capital Gain

I want to ask the question related to CAPITAL GAIN EXEMPTION U/s:54 of the income tax act.
My Question is,
if the assessee have income from long capital gain on sale of Land and to avail exemption he/she will deposit the Long capital gain amount to the Capital Gain scheme A/c in any Nationalized bank. After some period within the time limit he/she want to withdraw the Long term CG amount from Capital Gain Scheme A/c to invest in the exemption available under sec.54EC in Bonds NHAI/RECL.
I want to know that is there any provision that Assesse have to take certificate from the Assessing Office of the Ward/or any other income tax authority to withdraw the Long term Capital Gain amount form the Bank.

I request to your good selves to do needful.
I wait for your positive reply.
THANKS for Co-operation.

HITESH PATEL

CAPTAIL GAIN

by SHANTI
(DELHI)

How to calculate the captail gain of sale of jewelery?

Capital Gains on Gifted Home

by J
(california)

My brother and I were gifted a home from our mom, we are going to sell it and buy rental property. In california how much would we pay in capital gains, how long after we sell to we need to buy property? Can my brother and I split the cost and each pay 1/2 of the capital gains? Thank you for your info...

Capital Gains on Sale of Home Village Shop

Capital Gains on Sale of Home Village Shop

My wife and I lived in a village shop which my wife ran for 26 years. Due to ill health she had to close the shop three years ago which we immediately put up for sale.

We moved our house for medical reason as my wife was disabled but unfortunately we haven't been able to sell the shop part of house due to the credit crunch.

Is there a time limit when we may get charged capital gains as we need the money from our sale to pay the new mortgage off? Thank you

Capital Gains Tax

by Pam
(Massachusetts)

Capital Gains Tax

I recently bought a condo and have an adjustable rate mortgage. Shortly afterward, I sold my house and cleared about $26,000. I want to pay down my current mortgage and refinance it to a fixed rate.

The refinance can't happen until January. Would it help my taxes if I paid the $26,000. on my principle before the end of the year?

Capital Gains Tax Liability For Non-resident Spouse

by Tom
(Reno, Nevada, USA)

In California; My wife and I entered a contract to buy a new house yet to be built. Approximately 7 months later the house was completed and we started to move in little by little.

We kept our previous primary residence which was going to be used as a rental property. The two houses were about 22 miles apart. Sometimes we both stayed in one house or the other, sometimes I stayed in the new house (closer to my job) and my spouse stayed in the first house (closer to her job).

About 6 months after the purchase of the new house we got into an argument over our son moving into the new house. He had been away in technical school for two years and was now looking to return to the general area where we lived. My wife didn't want our son moving in and said she'd never set foot in the new house again if I allowed him to move in.

At that point we went our separate ways. We separated and 11 months later she filed for divorce, this was put on hold for financial reasons. I stayed on in the house with my son for three more years. Then I decided I wanted to sell the house and move out of state.

The house was sold while we were separated with a divorce action pending in our local court. The sale netted a gain of approximately $180,000.00. My wifes name was on title the entire time we owned the house.

After the sale and before the escrow checks were cashed, we agreed she would sign over her interest in the proceeds from the sale of house two and in exchange I would sign interspousal transfer deeds giving her my interest in house one (which had been her primary residence since the original separation). The equity in the two houses was approximately equal.

Does she have a tax liability for the gain on the sale of house two?

Her tax preparer and at least one other 'tax expert' said she has a tax liability on the gain, and therefore she paid tax to the state of California and now expects me to be responsible for those taxes.

I paid a 20+ year tax expert to answer the question and I spoke to the IRS. Additionally I have prepared my own tax returns for over 20 years including times of self-employment and owning several rental properties. Based on my own knowledge and experience, lots of research on the subject, the opinion of the expert I paid and the IRS's response to the question.

Everything I've found and the responses from the paid tax expert and the IRS say she did NOT have any tax liability.

We are going to court next week to try to resolve this. Just curious about your view.

Thanks!

Capitol Gain Taxes

by Nanette
(California)

I just got divorced and my ex husband and i sold our home that we had for 14 years. I was just told that i have to pay capitol gains on 150k which is going to be around 30k that i will have to take out of a retirement account that i will be taxed on again. Who's responsibility was it to let me know that i would be paying these taxes?
HELP!!!!!!

Long Term Capital Gains

Can long term losses for mutual funds be deducted from long term gains for stocks on the federal return?

LT Capital Gain Property Gift to Spouse

by Pradeep Kumar
(Delhi- India)

My wife purchased a property / vacant land in 2002 for Rs. 2 lac. on G.P.A. by its original owner. No Sale Deed was done on that time. Now as a safety, my wife felt better to get the property registered through Sale Deed, hence made a Sale Deed in the name of her husband for Rs. 250000/-, because as a rule GPA owner can not get the Sale Deed done in her own name.

I wish to know whether this transaction of property between 'Wife & Husband' will effect on any Tax liability / Long Term Capital Gain to Wife? She mentioned this in Balance Sheet already.

Can I know what is the exact ruling of income tax deptt. in such case or any previous court references of same cases?

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