Indore: Prominent chartered accountant and tax law expert Ashish Goyal has said “If someone purchases a house with loan, then he will get the benefits of long term capital gain. Similarly, if a property is purchased in name of a family member, then he will also get the benefits.”
CA Goyal was addressing a workshop organised by local chapter of the Institute of Chartered Accountants of India (ICAI). The topic of the workshop was provisions of long term capital gain announced in Union Budget 2017. Through several orders and rulings of different courts and tribunal, Goyal shed light on applicability of long term capital gain. Earlier, delivering the welcome address, CA Som Singhal, branch chairman of ICAI, said that two prominent provisions related to long term capital gain are being made. First, LTC would be calculated on such property which is being held more than 24 months. Earlier, this limit was 36 months. Second, property purchased before April 1, 2001, its deemed market value would be calculated as per prevailing rates of April 1, 2001. No tax would be levied on market price that changed between 1981 and 2001. CA Anand Jain briefed about general bylaws of property purchase and sale and tax planning.