Capital Gains on Sale of Our Home/Village Shop

by c

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 house for medical reason as my wife was disabled but unfortunately we haven't been able to sell the shop come 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

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

CAPTAIL GAIN

by SHANTI
(DELHI)


How to calculate the captail gain of sale of jewelery?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Capital Loss

Can I offset my capital gain in rental real estate sale against carried over loss in stocks in previous years?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Capital Contribution on P11D

I think payroll have been filling in P11d form wrong. As I choose to have a car that is above my grade I make a capital contribution towards the cost.

I have the car for 4 years and the capital contribution is spread over 48 monthly payments.




I had the notes below sent to me, but don’t really understand them. Also looked at 480(2011) Expenses and benefits A tax guide



Section 132 of the Income Tax (Earnings and Pensions) Act 2003 states the following about when contributions can be brought into the calculation:

(3)The amount of the deduction allowed in any tax year is the lesser of—

(a) The total of the capital sums contributed by the employee in that year and any earlier years to expenditure on the provision of—

(i) The car, or

(ii) Any qualifying accessory which is taken into account in calculating the cash equivalent of the benefit of the car for the tax year in question, and

(b) £5,000.



I believe option 3 would be in line with the rules but have had different opinions



OPTION 1

My interpretation of the notes as follows

If I was making say a £1440 capital contribution = 48 No £30 monthly payments

In year 1, £360 would be inserted the capital contribution box

In year 2 £720 would be inserted the capital contribution box (year 1 + 2)

In year 3 £1080 would be inserted the capital contribution box (year 1 + 2 + 3)

In year 4 £1440 would be inserted the capital contribution box (year 1 + 2 + 3 + 4)



OPTION 2

Each year enter £360 for each year 1 to 4,



OPTION 3

Each year enter £1440 for each year 1 to 4


If their interpretation is incorrect and the wrong figures have been supplied to the Inland Revenue, how would I go about getting it put right? Is it something I need to take up directly with the Inland Revenue or is it down to work to send in corrected P11d’s

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

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!!!!!!

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

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

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?