1Your business requirement
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Capital Gains Consultation
Get expert consultation for capital gains income to save on capital gains tax, professional advice for optimum tax savings using exemption based investment.
What this Service Includes
- Capital gains consultation for property value up to Rs.50 lakhs
- Calculation of expected capital gains tax liability
- Exemption advice
Documents required
- Income tax login credentials
- Details of purchase
- Details of sale or proposed sale
- Proposed maximum investment
When you may need Capital Gains Consultation
2Your records or filing
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3Your next step
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Steps in Capital gains return filing
Discussion with client
Detailed discussion with the client will be held to undertand the nature of transaction, sale consideration, period of holding, ownership details etc.
Working out capital gains and exemptions.
Based on the details collected in step 1 capital gains are worked out, once capital gains are computed relevant applicable exemptions are calculated using relevant sections.
Draft for approval
Draft of computation statements are sent to client, consultation will be provided to the client for optimum tax planning using capital gains exemptions based on draft.
Income tax return filing
After approval of draft and payment of income tax, income tax return will be filed for capital gains income and other incomes.
Capital gains exemption advisory
Client will be advised with the conditions needed to be satisfied to avoid revocation of exemption, for availing certain exemptions, conditions provided in the exemption sections need to be satisfied without any deviation.
Importance of capital gains consultation
Complex Income tax provisions
Income tax provisions relating to capital gains are complex in nature for classification of nature of capital gain, period of holding, ownership, cost of aqusition, cost of improvement, exemptions etc. Professional consultation with auditor for capital gains will save you capital gains tax, gives you better compliance, guidance for conditions for capital gains exemptions.
Irreversable
Capital gains exemptions are based on certain conditions which have time frame for each activity, therefore to claim exemption as per the income tax provisions those conditions are to be satisfied. Capital gain consultant will guide with all the income provisions for best tax saving tool.
Multiple factors
There are multiple factors which are required to be considered for capital gains computation, each factors are interlinked, only knowledgeable and experienced income tax consutlant for capital gains can give proper advise.
Capital gainsFAQ's
Select a question to read the answer.
01Do I need to file income tax return if my total income after capital gains exemptions is below basic exemption limit
Income tax return is required to be filed for claiming exemption from capital gains, exemption can be availed only by filing income tax return.
02Does TDS is mandatory for sale of proeprty
TDS at the rate of 1 % is required to be deducted if sale consideration is 50 lakhs or more, incase the property is sold by NRI then TDS is required to be deducted at respective rates without any limit on sale consideration.
03Can we revise capital gain income tax return?
Yes, income tax return filed for capital gain can be revised only if it is filed with in due date and before the assessment of your income tax return.
04Who should file income tax return for inherited property ?
If the property is transfered from parents then childrens on whose name property is registered should file income tax return, there may be a case where the property is not transfered, however only the sale consideration is transfered from parents account, in such case only parents are required to file capital gains return.
05Do I need to file Income tax return for sale of agricultural land?
Agricultural land is not a capital asset if it satisfies certain conditons, therefore once agricultural land is not classified as capital asset there is no question of capital gains and exemption, therefore income tax return is not required to be filed for capital gains income arising on account of eligible agricultural land transfer.