Capital gains

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Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2013 hi I have sold my property (land)
at Rs.22.5 lakhs, which originally costed me at Rs.1.5 lakhs.
so what will be the capital gain I will have to pay?
.
What if I re-invest the entire amount in land and part in purchase of a Flat?.

experts please advice.

Anil Sankar V

Anil Sankar V (Expert)

16 May 2013 it depends on indexation of the cost in the year when you have purchased. if you re invest in purchase of flat, tax on CG exempt

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2013 Does it mean. If I invest entire amount in purchase of other property, than no taxi.e capital gain.

what if I invest in part amount and rest I make a FD in bank.
i.e if I invest 12.5lakh in property & make a FD of 10 lakh? on which amount I will have to pay CG.
property was purchased in 1999-2000 and sold in 2013

Anil Sankar V

Anil Sankar V (Expert)

16 May 2013 the Full part of CG has to be invested in purchase of land otherwise invest in REC bonds

Guest

Guest (Expert)

16 May 2013 the asset sold is land, hence full exemption from capital gain, can only be claim if full value of capital gain is invested in eligible bonds u/s 54 EC or full value of net sale consideration in invested in purchase of house property.

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