Capital gains
This query is : Resolved
20 February 2012
My brother –in-law has sold a plot for Rs.12.00 Lakhs in May 2011. He also owns a house. He is a retiree since 6 years. He wants to know what is the capital gains tax he has to pay and also how much time he has to buy a new property from the above Rs.12.00 Lakhs.
Ram
Ram
CA PARAS BAFNA
(Expert)
20 February 2012
If he purchases another residential house costing 12 lakh or more he will not be liable for capital gains tax.
.
He can purchase a house within 2 years after or within one year before the sale of the plot. He can construct a house within 3 years from the date of sale.
.
He has to keep his unutilised money in a Capital Gains Savings Account in any of the Scheduled Banks before 31.07.2012.
.
For the purpose of Calculating Capital Gains , date of Purchase and Cost+Registration Charges details are required.
.
He can purchase a house within 2 years after or within one year before the sale of the plot. He can construct a house within 3 years from the date of sale.
.
He has to keep his unutilised money in a Capital Gains Savings Account in any of the Scheduled Banks before 31.07.2012.
.
For the purpose of Calculating Capital Gains , date of Purchase and Cost+Registration Charges details are required.
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