Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2012
Dear All,
Please confirm one of my friend sales his residencial home in 2011 of Rs. 1Cr 20 Lac he is purchase its property in 1997 rs. 22Lac please confirm what is the processigure for tax exemption in capital gain .
Please confirm one of my friend sales his residencial home in 2011 of Rs. 1Cr 20 Lac he is purchase its property in 1997 rs. 22Lac please confirm what is the processigure for tax exemption in capital gain .
CA PARAS BAFNA
(Expert)
05 August 2012
The best alternative available to him is to purchase a new residential house of Approx. Rs.60/lac. He will not have to pay Capital gains tax in such a case.
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