Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2012
If an individual has 3 houses, of which he sells one house for Rs. 80 lacs in 2011. This house was purchased in 1998 for Rs. 20 lacs. The individual buys a new apartment for Rs. 50 lacs in 2012, will the individual be liable to pay capital gains tax? What tax exemption routes are available to the individual?
Ca Anand Dubey
(Expert)
05 June 2012
yes if the value of capital gain is more than rs. 50lacs
05 June 2012
He is eligible to claim exemption u/s 54.
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