If you sold a property and planning to file ITR, you need to aware about all the compliances related to Income Tax. There are some points to focus on like tax calculation, documentation etc. Our consultant for filing ITR 2 will help you to file your ITR and will guide you to maintain all the required compliances to be fulfilled by you.
If a property is held for less than 24 months (2 years), any profit earned from its sale is considered short-term capital gains.
Short-term capital gains are taxed at the applicable slab rates according to the individual's income tax bracket.
If a property is held for 24 months or more, any profit earned from its sale is considered long-term capital gains.
Long-term capital gains are taxed at a flat rate of 20% with indexation benefits available. Indexation allows adjusting the purchase price of the property for inflation, thereby reducing the taxable capital gains.
Our guide delves into the particulars of capital gains tax on property sale, empowering you to navigate tax liabilities. From calculating gains to exploring exemptions and reliefs, we loosen the complexities to ensure you make informed decisions and optimize your tax position.
Engaging in share trading offers lucrative opportunities, but it also demands meticulous tax compliance. As you prepare to file your Income Tax Return (ITR) among your share trading activities, strategic tax planning. Our expert guide provides insights into the nuances of share trading ITR filing, helping you navigate tax suggestions with accuracy.
The documents required to file Income Tax Returns (ITRs) for the scenarios mentioned are as follows:
Sale Deed: Document proving the transfer of property ownership.
Purchase Deed: Evidence of the property purchase, which helps determine the capital gains.
Completion Certificate: Required for under-construction properties to calculate the holding period.
Receipts of Expenses: Any expenses related to property sale, such as brokerage fees, legal fees, or renovation costs.
Details of Buyer and Seller: PAN of both parties involved in the transaction.
Capital Gains Calculation: Document outlining the computation of capital gains, including purchase price, sale price, and any indexation calculations.
Bank Statements: Showing the transaction of sale proceeds and related expenses.
Property Sale Deed: Document proving the transfer of property ownership.
Purchase Deed: Evidence of the property purchase, necessary for calculating the capital gains.
Improvement Expenses: Receipts or invoices for any expenses incurred on property improvement, which can be adjusted against the gains.
Capital Gains Calculation: Detailed calculation of capital gains, including purchase price, sale price, and allowable deductions.
PAN of Buyer and Seller: Permanent Account Numbers of both parties involved in the property transaction.
Bank Statements: Showing the transactions related to property sale and expenses.
These documents are crucial for accurately reporting income, deductions, and gains or losses from property sale and share trading activities in the respective ITRs. Keeping them organized and ready ensures smooth and compliant tax filing.
You can write us on info@sktaxlawfirm.com or call on +91-9719586772 and we provide our services at all below locations.
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