Income tax on sale of immovable property

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sanjeev (Querist)
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27 September 2009 1.Propery(land and building) procured in thr year 2000 for Rs 1,00,000/- and sold in 2009 for Rs 8,00,000/-.whether excess amount is chargable to tax . Please provided the procedures for exemption from Income Tax of RS 7,00,000/-.
2.If attorney of ownership of immovable property is given and the same is sold by attorney holder.May please clarify who is responsible for deposit of tax ,whether original owner or attorney holder?

regards

Jitender

Jitender (Expert)
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27 September 2009 1 the transaction is amount to long term capital gain tax@20%. To save tax , u can invest in another property or purchase bonds for REC/ NHAI.

2. attorney is responsible for tax.

sanjeev

sanjeev (Querist)
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29 September 2009 Dear jitender,

1.May please indicate time limit from the sale of property on which capital gain has been occurred can be invested in another property to save tax.

2.Attorney as per point no 2 is original owner or person to whom attorney has been given?

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