I had sold two residential property ( flat ) as per below details : Property A : Purchased in july 2003, cost : 572000/- Sold( registry done) in Aug 2013 in Rs. 400000/- Note – sale amount received in Oct 2013 Property B: Purchased in july 2003, cost : 572000/- Sold ( registry done) in Feb 2014 in Rs. 250000/- Note – sale amount received in Apr 2014. I have contacted many professionals to find out the way to invest amount to prevent impose of tax. But I have not got correct information. Finally I have purchased a land for 4250000/- on 30th July 2014. I have paid 10% of total amount of 5 flats in soft launch. These flats will be completed by Apr 2017. The approximate cost of each flat is Rs. 30lacs. You are requested to clarify on following points : 1-is there any mistake in above transaction in view of INCOME TAX department. 2-What was the last date of investment of capital gain .Any other suggestion for me.
There was a mistake in sell value of property. Please go through the correct figure. Regret for the inconveiniance caused.
I had sold two residential property ( flat ) as per below details : Property A : Purchased in july 2003, cost : 572000/- Sold( registry done) in Aug 2013 in Rs. 4000000/- Note – sale amount received in Oct 2013 Property B: Purchased in july 2003, cost : 572000/- Sold ( registry done) in Feb 2014 in Rs. 2500000/- Note – sale amount received in Apr 2014. I have contacted many professionals to find out the way to invest amount to prevent impose of tax. But I have not got correct information. Finally I have purchased a land for 4250000/- on 30th July 2014. I have paid 10% of total amount of 5 flats in soft launch. These flats will be completed by Apr 2017. The approximate cost of each flat is Rs. 30lacs. You are requested to clarify on following points : 1-is there any mistake in above transaction in view of INCOME TAX department. 2-What was the last date of investment of capital gain .Any other suggestion for me.
26 November 2014
1024/463*572000=1268521 4000000-1268521=2721479 is LTCG
FRO B
1268521
2500000-1268521=1231479 IS LTCG.
YOU CAN SAVE ONLY ONE PROPERTY LTCG AND OPN ANOTHER YOU TO PAY TAX @ 20% +3%CESS
FOR ANOTHER YOU CA INVET THE LTCG AND CONSTRUCTION THE HOUSE WITH THREE YEAR FROM THE DATE OF SELL/ NOT THE RECEIPTS OF MONEY.
IF NOT COMPLETE THE HOUSE WITH IN 3 YEAR THEN YOU HAVE TO PAY TAX ON SECOND GAIN ALSO. AND YOU CAN INVEST THE GAIN ONLY IN NEW ONE HOUSE. NOT IN MULTI UNIT.
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