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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 July 2012 Dear Sir

I sold a residential plot in the Municipal Corporation limit and now I want purchase a agriculture land, can levy capital gain tax for the same?

Thanks
Saagar Fand
Pune
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 July 2012 Capital gain will arise on sale of residential plot.

Further, investment in agricultural land is NOT eligible for exemption.

So you will have to pay tax on the total amount of capital gain.
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 July 2012 Thank u su much
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
14 July 2012 You are welcome. You should use the thanks button to convey your thanks.
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