Comments on: Be careful while operating ATM machine : A True incidence

By: Pankaj Batra

Pankaj Batra — Wed, 08 May 2013 04:02:50 +0000

In reply to VSB Rao.

@VSB Rao
Your computations are fine.
Only issue what may arise is Govt value of property. Stamp duty is also levied on Govt value and gains are also computed on basis of that.

By: VSB Rao

VSB Rao — Wed, 08 May 2013 01:52:10 +0000

In reply to Pankaj Batra.

Thank you very much for your kind assistance. Would be kind enough to confirm that my above calculations are correct ?

Thanks once again for the great assistance you are providing to a common man/woman. Regards.

By: Pankaj Batra

Pankaj Batra — Tue, 07 May 2013 19:18:15 +0000

In reply to VSB Rao.

@VSB Rao
You will have to pay tax fully by 31st March, 2014. 30% of this tax should be paid by Sept 15 and 60% by Dec 15.
You can pay using online tax payment challan or may visit bank to pay taxes.

There is no depreciation available on capital gain tax.

After paying 20% tax on gains, you are free to use amount wherever you want.

One can only save tax either by investing into residential house property u/s 54F (only in case you won’t own more than one already) or investing into capital gain bonds u/s 54EC.

You can partially invest into 54F/54EC and pay tax on remaining unused sale consideration in proportion.

By: VSB Rao

VSB Rao — Mon, 06 May 2013 06:42:40 +0000

Pls read the 2nd line of my above query as:

//
the commercial property, I knew that I can NOT invest on any//

sorry for the inconvenience..Regards

By: VSB Rao

VSB Rao — Mon, 06 May 2013 06:38:51 +0000

Sorry, I forgot to mention in my above query that since it is the commercial property, I knew that I can invest on any residential property and I do not wish to block my money for 3 years by investing the whole sale proceeds in CG Bonds. If you have any other ways and means to save the CG Tax pls suggest.

Is it possible to invest partial amount in CG Bonds and pay CG Tax on the rest of the amount? Pls help me in suggesting a best and legal way. Thanks and Regards.

By: VSB Rao

VSB Rao — Mon, 06 May 2013 06:33:10 +0000

Good Morning Sir. The government value of my commercial property is Rs. 45,56,000 and it is 12 years old. Now I am planning to sell it and the buyer is claiming 20% depreciation on the government value, amounting to Rs. 9,11,000 and paying the stamp duty on Rs. 36,45,000 and this is the amount it will be shown on the Sale Deed and also paid to me through Bank transfer or DD.

The value of the property after calculating CII is now: Rs. 12,21,000. Therefore, Sale Proceeds Rs. 36,45,000 minus CII Value Rs. 12,21,000 = Rs. 24,24,000 and I should pay 20% Capital Gain Tax on this amounting to Rs. 4,84,800. When do I have to pay this Tax? The registration may take place on 20 June 2013. Do I have to pay any advance Cap Gains tax, if so, when? Do I have to pay in cash or Cheque or DD to IT Dept.?

Can I claim depreciation on the Cap Gain Tax as the property is now 12 years old?

After paying the CG Tax, am I entitled to use all the sale proceeds as per my will and wish?

Kindly help me by giving your valuable solutions to minimize my CG Tax amount? Thanks and Regards

By: K B Vajjramatti

K B Vajjramatti — Thu, 16 Aug 2012 02:05:08 +0000

Yes its good masseges,thanks.

By: Yathish

Yathish — Thu, 28 Jun 2012 09:19:33 +0000

thanks for the valuable guidance, will keep informed as many as possible!

By: Dipak

Dipak — Sun, 07 Aug 2011 08:53:26 +0000

Thanks for sharing such trivial but important tips. most of us do not give it a much thought when it comes to ATM transactions.

By: Pankaj Batra

Pankaj Batra — Wed, 27 Jul 2011 12:33:19 +0000

In reply to bharatkumar.

@Bharat
Your query has also been answered on http://www.socialfinance.in/questions/1146/tax-deducted-on-joining-bonus-which-was-return-back-tocompany-in-month