Capital gains
This query is : Resolved
harpreet singh
(Querist)
04 August 2012
I Bought a Commercial Godown in 2006-07 for Rs. 1.49 Lakhs. If i sell it today, i would get around 14 Lakhs but the notary value of the shop is around 17 lakhs. What can i do to save the capital gain?? If on requisition the value of shop is taken as the fair value even then the amount of capital gain would be large. Please suggest
CA PARAS BAFNA
(Expert)
04 August 2012
You have to invest the proceeds into a residential house. But you should be owning only one/ or no residential house.
.
If you receive 14.00 lacs then you have to add another 3.00 lakhs from your pocket in case requisition is not accepted.
.
As the property prices are rising and the Stamp Value is also indicative of the said phenomena, wait for some time to get higher price.
Mean time you may consider the option to arrange finance against mortgage in case you severely need money.
.
.
If you receive 14.00 lacs then you have to add another 3.00 lakhs from your pocket in case requisition is not accepted.
.
As the property prices are rising and the Stamp Value is also indicative of the said phenomena, wait for some time to get higher price.
Mean time you may consider the option to arrange finance against mortgage in case you severely need money.
.
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