Capital Gain
This query is : Resolved
Baljinder Singh
(Querist)
03 October 2007
Sir,
I have purchase property for Rs. 5 Lac in Nov'2000, Today the market value of property is Rs.20 lac. At Present I am residing on Rental basis in Delhi.
Now, would like to sell the property and the same amount will not to be invested in other Property.
I want to know that I am liable to pay capital gain from the property or its exempt from tax.
Pls give me your valuable advice.
Regards
Baljinder Singh
I have purchase property for Rs. 5 Lac in Nov'2000, Today the market value of property is Rs.20 lac. At Present I am residing on Rental basis in Delhi.
Now, would like to sell the property and the same amount will not to be invested in other Property.
I want to know that I am liable to pay capital gain from the property or its exempt from tax.
Pls give me your valuable advice.
Regards
Baljinder Singh
Ravikumar.G
(Expert)
04 October 2007
New Residential house property sould be acquired or the amount should be kept in capital gain account scheme of a Nationalised bank. Otherwise the entire capital gain which will be taxable.
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