23 July 2012
My father settled 2687 Sq Ft land in my favour in 1979.
I constructed a house in 1981-82 by availing Staff Housing Loan of Rs.55000/-
Additional Construction in 1984-85 with a loan of Rs.20000
Improvements in 1987-88 with a loan of Rs.35000
Additional construction in 1991-92 with a loan of Rs.40000
Improvements in 1998-99 with a loan of Rs.150000
Improvements in 2001-02 with a loan of Rs.149300
Repairs in 2008-09 with a loan of Rs.600000
Totally I have taken Rs.1049300 over a period of time as mentioned above.
In 2012-13, I sold the property to a builder for a consideration of Rs.85 lakhs cash and a flat measuring 1300 Sq Ft. The value of the flat will be around Rs.75 lakhs. With that cash, I have purchased a villa for Rs.75 lakhs. Will I be subject to capital gains tax. If so, what is my tax liability.
24 July 2012
This is a complicated case involving capital gains/gift tax. Even if some one may help you in arriving at tax liability, he can't defend you in case of any queries from income tax authorities. Kindly consult a reputed Chartered Accountant to file your tax return and help with tax authorities.
CAclubindia
