Advice required on capital gain tax
This query is : Resolved
24 February 2014
I was allotted a piece of land by HIDCO at New town, Kolkata in the year 2006. After the allotment I had paid all the installments as per the schedule below.
10% as application money in the year 2005
15% in the year 2006
20% in the year 2007
20% again in the year 2007
15% in the year 2008
10% again in the year 2008
10% final in the year 2013. At the time of position of the plot.
The Registry of the Plot was done in my favor in the year Nov.2013.
If I sell the piece of land will the sale consideration be subject to capital gain tax?
The cost of acquisition shall be taken of which year?
Can I avail exemptions and save tax?
10% as application money in the year 2005
15% in the year 2006
20% in the year 2007
20% again in the year 2007
15% in the year 2008
10% again in the year 2008
10% final in the year 2013. At the time of position of the plot.
The Registry of the Plot was done in my favor in the year Nov.2013.
If I sell the piece of land will the sale consideration be subject to capital gain tax?
The cost of acquisition shall be taken of which year?
Can I avail exemptions and save tax?
02 March 2014
each of the payment made needs to be indexed separately.
you can claim exemption under section 54EC, 54F.
you can claim exemption under section 54EC, 54F.
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