Capital gain tax
This query is : Resolved
14 November 2017
My father had purchased a land in 1972 n build a house in 1982
He expired in 1995 n v inheirted his property in 2011
Now v r planning to sell this land
If v sell the land approx 1 CR i will get as my share
Can i buy a property n dont have to pay any tax
Is balance amount is there how much tax will i have to pay
He expired in 1995 n v inheirted his property in 2011
Now v r planning to sell this land
If v sell the land approx 1 CR i will get as my share
Can i buy a property n dont have to pay any tax
Is balance amount is there how much tax will i have to pay
Amol S Joglekar
(Expert)
14 November 2017
you can replace the value as on 01/04/2001 as cost of acquisition. Work out capital gain. The gain can be invested in house property u/s 54. You can also avail 54EC.
Both the sections have their own restrictions. Please check if you adhere to the same.
Both the sections have their own restrictions. Please check if you adhere to the same.
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