Capital gain tax

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Sathyan (Querist)
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02 November 2013 I sold my house which I bought in 2003 for 15 lakhs 607 sq ft. sold for 20 lacs in december 2010 . I also invested that 20 lacs in capital gains account in Indian bank. I searched for property to buy for 2.5 years from jan 2011 to feb 2013 for around 20 lacs but failed to get as hike in price of property. I decided to buy a land and construct a property in the month of march 2013. I also withdrew my 70percent (15 lacs)of money from capital gain account for the construction work. Probably I will complete the construction by end of nov 2013. incase I could not complete the construction by Dec 2013. what will be the indicators that i have to face. And when i have to file .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 November 2013 Dear Sathyan

1. You didn't have any capital gains. You actually made a loss on the sale of investment:

Cost : Rs 15,00,000. Indexed Cost, If purchased before 31 March 2003: 2385906.04.
Indexed Cost if purchased after 31 March 2003: 2303455.724.

Sale Price: Rs 20,00,000. So you made a loss of atleast 3 lakhs.

So you need not file anything. So you need not worry. You haven't mentioned about the status of your tax returns. If you haven't filed, make sure that you file your tax returns regularly.

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