Capital Gain

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Akhilesh Jhanjhari (Querist)
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05 July 2011 Good A'Noon Sir,
I have a query that- there is a land which sold on 18-10-2007,purchased on 03-08-1998,
then made a deposit as per scheme RS.25 lakh (Selling Price).
ahead a first floor apartment purchased on 27-08-2010 amounting RS. 16 Lakh & Construction costng RS. 4.8 Lakh.
and total investment in new property is 2160300.
I want to ask that now in which year Capital gain taxability arises. Till now no Capital gain filed in earlier returns.
And how much tax we have to Deposit in A.Y. 2011-2012.

Plz rply soon.
AThanks.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 July 2011 As I understood from your above query is that
*
1. Sales consideration Received 25.00 lac.
*
2. Amount deposited as per (Capital Gains) Scheme in Capital Gains Account Rs. 25.00 Lac. You are requested to -
Please Specify Date of depositing the amount and type of account?

3. First floor apartment purchased on 27-08-2010 for Rs 16.00 Lac. and further construction carried on of Rs 4.8lakhs.
As such 16+4.8+.80= 21.603 lac invested.

You are requested to -
Please clearly write whether flat has been purchased or constructed?

Whether returns of earlier years i.e. AY 2008-09 has been filed or not?

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