Capital gain
This query is : Resolved
16 March 2012
1. I HAVE ONE RESIDENT HOUSE IN WHICH I AM LIVING. PRESENT VALUE IS RS. 55 LAKS. I AM SELLING THE SAME HOUSE AND PURCHASING NEW HOUSE FOR RS. 1.20 CRORE. HOW MUCH I HAVE TO PAY INCOME TAX.
2. IF I SELL PRESENT HOUSE NOW AND PURCHASE NEW HOUSE AFTER 1 YEAR OF SALE AGREEMENT OF PRESENT HOUSE THEN IT WOULD BE ELIGIBLE FOR LONG TERM CAPITAL GAIN WHICH IS EXEMPTED OR NOT.
3. AS AND WHEN IS SERVICE TAX IS APPLICABLE ON PURCHASE OF PROPERTY.
2. IF I SELL PRESENT HOUSE NOW AND PURCHASE NEW HOUSE AFTER 1 YEAR OF SALE AGREEMENT OF PRESENT HOUSE THEN IT WOULD BE ELIGIBLE FOR LONG TERM CAPITAL GAIN WHICH IS EXEMPTED OR NOT.
3. AS AND WHEN IS SERVICE TAX IS APPLICABLE ON PURCHASE OF PROPERTY.
17 March 2012
1 & 2 case, total capital gain will be exempt from tax.
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