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Capital gains

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(Querist)
27 December 2010 my client Purchased house property – residential : Rs. 11.75 lacs – 30.8.2004 (bank loan to be repaid ie 10 lacs……)
Selling for a purchase consideration of Rs. 40 lacs today -dec-20.2010(this month)

Please let me know if any capital gains
How to invest these funds so that capital gains is minimized…..
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
28 December 2010 read sec. 54 of income tax act and come back if any query arises.
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Jatin Gupta

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Jatin Gupta (Expert)
29 December 2010 Yes, capital gains tax liability shall arise. The gain shall be in the nature of ong term capital gain tax and shall be difference between the sale value of house less indexed cost of acquisition of the house.


Regards

Jatin

jatingupta@vgglobal.co.in
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