| Author | Message | ||
Maverick Legend Username: Maverick Post Number: 69048 Registered: 01-2008 Posted From: 98.225.2.157 Rating: N/A |
nri kadu, indian resident ee..without source of income, how can he payback? There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs | ||
Scallion Side Hero Username: Scallion Post Number: 4410 Registered: 09-2014 Posted From: 104.179.14.202 Rating: N/A |
very very wrong choice for NRI, they will screw you big time if caught | ||
Scallion Side Hero Username: Scallion Post Number: 4409 Registered: 09-2014 Posted From: 104.179.14.202 Rating: N/A |
capital gain will be on the entire same amount because you acquired this land at zero price ika pothe, there are few wats to reduce it --- index based adjustments and money spent to improvisations on this land to do all this it should be a pancha varsha pranalika, so just pay the 20% and be happy | ||
Inquisitive Side Hero Username: Inquisitive Post Number: 2408 Registered: 09-2014 Posted From: 183.83.206.51 Rating: N/A |
Long term capital gains tax is applicable on sale of land held for more than two years. Gains are computed as 'sale price - cost of acquisition (after indexation)' where indexation is an adjustment for inflation. Your story about use of funds from loans raised against this land are irrelevant to computation of LTCG. "Sakshi is a most balanced and independent media. This has no affiliation with any political party," Jagan had said. Link: http://www.outlookindia.com/news/article/sakshi-retelecasts- story-omits-antisonia-remarks/701963 | ||
Uno Side Hero Username: Uno Post Number: 2764 Registered: 03-2016 Posted From: 99.231.161.157 Rating: N/A |
You are considered as defaulter and IT dept sends notices for few years and pay impose fines,interests etc.If the amount is considerable the dept may files civil/criminal charges I Think there is no Bankruptcy Protection for Individuals in India (The govt is in process of formulating the law) | ||
Uno Side Hero Username: Uno Post Number: 2763 Registered: 03-2016 Posted From: 99.231.161.157 Rating: N/A |
Agricultural land in rural areas in India it is not considered a Capital Asset,so no capital gains are applicable on its sale (Pls crosscheck with a tax consultant) | ||
Gotcha Legend Username: Gotcha Post Number: 30394 Registered: 02-2008 Posted From: 73.45.2.79 Rating: N/A |
goid question CPA ni adigite chebutadu emo ... | ||
Sasibabu Legend Username: Sasibabu Post Number: 59428 Registered: 11-2009 Posted From: 192.131.85.207 Rating: N/A |
one more question vamsaparyamparamgaa vache agricultural land amminaa capital gain tax kattalaa? in those cases how the capital gain profit is calculated? | ||
Maverick Legend Username: Maverick Post Number: 69045 Registered: 01-2008 Posted From: 107.77.97.64 Rating: N/A |
what are the.options if he cant pay capitsl gain taxes? File bankruptcy? There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs | ||
Uno Side Hero Username: Uno Post Number: 2762 Registered: 03-2016 Posted From: 99.231.161.157 Rating: N/A |
capita gains are taxed on the profit (selling price-Cost price) But depends if it is a short term or long term capital gain Both are different rates Personal taxes can not be combined with business taxes,unless the business is a pass through entity | ||
Maverick Legend Username: Maverick Post Number: 69044 Registered: 01-2008 Posted From: 98.225.2.157 Rating: N/A |
How are they calculated? Say one aquires a land with money coming from his other properties. Gets that land in cheap(say at govt rate), but later uses that land's market value to raise more loan and uses that extra cash for EMI payments. He invests some into a business and its lost money on that. Now if he sells the land to repay all the loans, will he be paying capital gains? Literally he made no money on the land? There's a cacophony in the truth, A melody in lies and it accompanies one on every journey, From the lows to the highs |