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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2017 I have sold a Long Term, Plot, for Rs. 290 Lacs, the indexation price of which is Rs. 140 lacs.
Purchased REC bonds in 2017 for Rs. 30 lacs and a residential property (flat) for Rs. 120 lacs.

What will be the tax liability and exemption available on this transactions?
Reply ASAP.v

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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20 September 2017 Based on the information provided by you, your long term capital gains is 150 lacs.

I assume that investment in capital gains bonds were made within 6 months from the date of transfer beyond which the exemption will not be allowed.

You have purchased a residential property worth Rs.120 lacs too which means no taxability on sale of the capital asset