Capital gain

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RAKESH kumar (Querist)
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15 January 2010 I have a property(land) which I inherited from my father in July,2008. A part of this i am planning to sell within a month or two. The value of sale will be Rs.50.00 lac approx. What will be my tax liability? In what ways can I save tax? I am planning to buy/build a residential house for myself with a portion of the above mentioned amount.

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regds

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 January 2010 Sale taxable as long term capital gains. Indexation available since the date you possessed the property.

If you purchase house property as per conditions laid u/s 54F then the gain will be exempt to that extent

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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15 January 2010 agree to expert about u/s 54F

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