Capital gain tax
This query is : Open
Nand Gopal
(Querist)
12 April 2018
I am 67 resident indian. I had purchased a flat in Mumbai with following details: Registration date of purchase: 11.11.2009; Value: 2290125/- Possesion Date: 26.06.2011 Registration date of sale: 03.02.2018; Value: 4649000/- Now questions are: 1) What would be the capital gain & tax (pls give details) 2) Can I purchase residential land to exempt this tax? If yes, what will be the minimum value of purchase to mitigate fully?
CA Suresh Jain
(Expert)
12 April 2018
What do you mean by Purchase and also by Possession ? Please clarify.
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Nand Gopal
(Querist)
12 April 2018
I had been alloted and registered the flat on 11.11.2009 with value Rs 2290125/-, which was under construction. After the completion i got possession letter on 26.06.2011
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