Captil gain

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Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2014 Sir I want sale Land 15000 Sq.ft(Total Land 20000 sq.ft)(RuralLand)to builder For Rs1,50,00,000/-And Stamp Duty Value 70,00,000/-and instade of given money he gave the construct the land Remaining 5000 Sq.ft)For Rs 1,50,00,000/-..give advise

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 May 2014 You have to execute sale deed of land for Rs.1,50,00,000. better to pay Stamp Duty for this value. Since you are investing the entire sale value in residential house no capital gains tax payable. The following conditions also to be satisfied.

But the assessee should not own more than one residential house other than the residential house in which he has invested as on the date of transfer and also, he should not purchase / construct any other residential house for a period of 1/3 years, respectively, from the date of transfer. In case he owns more than one residential house as on the date
of transfer he is not eligible for this deduction. In case he purchases/constructs a house within 2/3 years from the date of transfer after getting this deduction, the amount allowed as deduction would be taxed as capital gains in the year of such purchase/construction.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 Sir I want sale Land 15000 Sq.ft(Total Land 20000 sq.ft)(UrbanlLand)to builder For Rs1,50,00,000/-And Stamp Duty Value 70,00,000/-and (in this property total owner 6 pepople) instade of given money he gave the construct the land Remaining (5000 Sq.ft)For Rs 1,50,00,000/-And After that We sale this Flate To others ..give advise

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 May 2014 If you(all 6 people) are going to sell the constructed flats (Rs.1,50,00,000) immediately after construction you have to pay capital gains tax on the sale of urban land.

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