CAclubindia

CA Vivek Jain's Expert Profile

Queries Replied : 186

About me

My qualification is a Bachelor in Commerce from Dr. H.S.Gour Univ. Sagar (M.P.) and an Associate Member of the Institute of Chartered Accountants of India (ICAI)Currently working for a reputed Share and Commodity Broking?Company of Mumbai (India) as a Compliance, Accounts & Finance Officer.

my site- https://sites.google.com/site/cavivek

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bharat kumar purohit says : just intro
hi dear are you a student

GAGAN says : with regard to ur reply
where is it mentioned that its only upwards revaluation ?

pavit says : capital gains tax
In 2005 i inherited residential property from my father. Sold the particular property for 36 lacs in 2005 itself. Bought a plot of land worth 17 lacs(including registration charges)out of the sale proceeds of the inherited property. both these transactions were reflected in the Income Tax returns. Constructed a house on the said plot and completed the construction by December 2007. I intend to sell the newly constructed house by july 08. It is likely to be sold for approximately 60 lacs. After which i propose to purchase a plot of land from the sale proceed for about 32-35 lacs. and later construct a house on that plot. Please advise me on the following issues: a)if the money earned from sale will qualify for capital gain tax? b)what will be the tax liabilities like and under what provisions of income tax clause do they fall? c)are there any provisions for exemption / relief for this?