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Capital Gain

This query is : Resolved 
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(Querist)
18 December 2009 Hello All
We have sold out one of our Land in Rs. 9,40,000. We have bought another land for Rs. 9,65,000 to start a business. Is there any Capital Gain liability arises or not??

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Aashish Verma

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Aashish Verma (Querist)
18 December 2009 One of my friend told me that Due to Business Land, Long Term Capital Gain will arise. Please resolve my query
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
18 December 2009 Capital gain arise on receipt of sale proceeds u have not disclosed date of purchase to comment on applicabilty of CG.
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Aashish Verma

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Aashish Verma (Querist)
18 December 2009 We have bought another Land within 6 Months.
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Aashish Verma

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Aashish Verma (Querist)
18 December 2009 We have bought second land within 6 Months of the date of sold out the first.
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CA Chandra Kishore Bajpai

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CA Chandra Kishore Bajpai (Expert)
19 December 2009 capital will arise subject to surplus of sale proceed over cost or indexed cost of land as the case may be
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