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CAPITAL GAIN ON SALE OF PLOT

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 January 2011 I HAVE PURCHASED A RESI. PLOT ON 19/12/07 FOR Rs. 662550(AT COST+STAMP+REGN FEES) AND SOLD THE SAME ON 21/12/2010 FOR Rs. 12 LAKH AFTER 36 MONTHS.
I WISH TO INVEST THE ENTIRE SALE PROCEEDS IN NEW PLOT BEFORE 31/03/2011

WILL THIS TRANSACTION ATTRACT CAPITAL GAINS TAX IF I PURCHASE NEW PLO?
AND IF YES I ATTRACT CAPITAL GAINS HOW TO CALCULATE AS PER THE COST INFLATION INDEX OF 2007 AND 2010-11

EXPERTS ARE REQUESTED TO GUIDE AND OBLIGE

THANKS

HEMANT G
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
26 January 2011 S T gain, No deducion allowed.
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