raja (owner) (86 Points)
30 May 2012Hi Gurus,
I purcahsed a vacant plot on 1/5/2005 for 6,50,000(Six lakh fifty thousand only ) and sold it out on 2/8/2011 for 25,00,000(twenty five lakhs only) and i invested the amount in agri land for 26,00,000 (twenty six lakh only ) on 4/8/2011. I wish to make a confiramtion that wheather i must pay capital gain, if suppose to pay capital gain tax how much i should pay.
Raja,
Thanks in advance.
sumanth
(kacheguda)
(55 Points)
Replied 30 May 2012
| Originally posted by : raja | ||
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Hi Gurus, I purcahsed a vacant plot on 1/5/2005 for 6,50,000(Six lakh fifty thousand only ) and sold it out on 2/8/2011 for 25,00,000(twenty five lakhs only) and i invested the amount in agri land for 26,00,000 (twenty six lakh only ) on 4/8/2011. I wish to make a confiramtion that wheather i must pay capital gain, if suppose to pay capital gain tax how much i should pay. Raja, Thanks in advance. |
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yes, you need not pay any tax on capital gain.As you have invested in agricultural land. ur 25lakhs will be exempetd.........whether rural agricultural land or urban agriculturla land................
Prakash
(xyz consultant)
(21 Points)
Replied 31 May 2012
Hi,
My Father would be selling our house (individual residential house we all live together and the house is in my father's name) and he would divde the total amount received as follows:
my Elder Brother:45% Share
me: 45% Share
My Parents: 10% Share
Me and my Elder Brother would invest our 45% share in buying a own house.
Now my questions are:
Is there a capital gain tax that needs be paid by my father?
Is there any tax that we brothers have to pay, but any way we are completely investing our share in buying a new house.
Please advice, Thanks in advance.
sumanth
(kacheguda)
(55 Points)
Replied 31 May 2012
| Originally posted by : Prakash | ||
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If u hav invested whole amount for purchasing the new house,whole amount of capital gain is exempted from tax.
howevr if u hav invested 90%, that 10% is taxable as capital gain.
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