Capital gain on home sale and another home purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2012
ass year 2011-12
sir
i have a home in surat on paper value amount of 596000/- on date (1.4.10)
i sold my home (on date 15.1.2011) to another party by payment amount of 1411000/-
how can i book profit in my personal account and should i have to pay capital gain. yes or no ????
because of i have purchase another home on date (9.9.10)in same year and same city on paper value 328160/- incl of stamp duty and registration fees.
please tell me account entry of such transaction
i am confused please help me !!!!!!
sir
i have a home in surat on paper value amount of 596000/- on date (1.4.10)
i sold my home (on date 15.1.2011) to another party by payment amount of 1411000/-
how can i book profit in my personal account and should i have to pay capital gain. yes or no ????
because of i have purchase another home on date (9.9.10)in same year and same city on paper value 328160/- incl of stamp duty and registration fees.
please tell me account entry of such transaction
i am confused please help me !!!!!!
Amol S Joglekar
(Expert)
24 August 2012
as per the period of holding it is SHORT term capital gain. Accordingly it will be taxed.
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