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Capital gain tax liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 November 2011 An individual who purchase property in 2001-02 for Rs.5,04,000 and sold in 2011-12 for Rs.38,00,000 against purchase of property for Rs.30,00,000 new property. A)What would be tax liability? B)Where can fund be invested and C) Indexing would be apply or not?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
07 November 2011 Property purchased and sold: Please specify whether both the properties are residential or otherwise.

Indexation as well exemption from Capital Gains will be available.

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