House Property Any building or land appurtenant thereto is held as stock in trade which is not let during the whole of or any part of previous year for a period up to one year from the end of financial year in which certificate of completion of construction is obtained shall be nil. Loss Provisions:- Loss under the head house property can be set off against income of the assesse under any other head of income to the extent of Rs. 2,00,000/-. Unabsorbed loss can be carried forward; 59 www.sbsandco.com
Capital Gains Income from transfer of a capital asset being land or building or both under Joint Development Agreement of an individual or HUF be taxable in the year in which certificate of completion for the whole of project or part of project is issued by the competent authority and the stamp duty value of his share on the date of issue of said certificate and any amount received in cash shall deemed to be full value consideration; Any person responsible for paying to a resident any sum by way of monetary consideration under JDA shall deduct tax @10 %;( W E F 01-06-2017)- Sec 194-IC Normal provisions will apply in case where individual or HUF transfer his share in the project before issue of completion certificate by competent authority; Cost of acquisition of capital asset being share in the project shall be the amount of deemed full value consideration; 60 www.sbsandco.com
Capital Gains Period of holding is reduced from 36 months to 24 months in case of immovable property, being land or building or both to treat it as short term capital asset; MAT/AMT credit carry forward up to 15 AY immediately succeeding the AY in which such credit becomes allowable; Periodicity for LTCG reduced from 3 years to 2 years. Base Year shifted from 1st April 1981 to 1st April 2001 for all assets including immovable property. Base Year Shift helps the investor as now prices are more realistically calculated accounting for inflation. 61 www.sbsandco.com
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At Thank you!!! SBS EVENTS HALL CA Suresh Babu S On 02nd June, 2017 Managing Partner M/s SBS and Company LLP [email protected] 9440883366 Our Presence in: Hyderabad, Kurnool, Nellore, TADA, Vizag & Bengaluru: [email protected]; 040-40183366 Read our monthly e-Journals www.sbsandco.com/wiki 63 www.sbsandco.com/digest
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