Capital gain
This query is : Resolved
Bhanu Prakash Rao
(Querist)
05 October 2011
Dear Experts,
My query is
1) Land purchased in the year 1981-82.Rs. 10,000/-
2) Residential building constructed (from 1/04/2007-31/03/2009)in the year 2009 within 2 years construction completed.cost Rs. 2,00,000/-
3)House propety sold in the year 2009-10 Rs.5,00,000/-
what is the tax implication
and under which section assessee can get exemption
My query is
1) Land purchased in the year 1981-82.Rs. 10,000/-
2) Residential building constructed (from 1/04/2007-31/03/2009)in the year 2009 within 2 years construction completed.cost Rs. 2,00,000/-
3)House propety sold in the year 2009-10 Rs.5,00,000/-
what is the tax implication
and under which section assessee can get exemption
CA MANOJ GUPTA
(Expert)
05 October 2011
ON LAND CAP GAIN WILL BE ltcg
ON BLDG IT WILL BE STCG
U CAN CLAIM EXEMPTION UNDER SECTION 54EC/54F IF U COMPLY WITH CONDITIONS MENTIONED THEREUNDER
CA MANOJ GUPTA
JODHPUR
09828510543
ON BLDG IT WILL BE STCG
U CAN CLAIM EXEMPTION UNDER SECTION 54EC/54F IF U COMPLY WITH CONDITIONS MENTIONED THEREUNDER
CA MANOJ GUPTA
JODHPUR
09828510543
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