Long term capital gain

This query is : Resolved

PANKAJ KUMAR SRIVASTAVA (Querist)
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30 December 2014 SIR,
I HAVE A URBAN LAND 4000 SQ. FEET. OUT OF 4000 SQ. FEET 1000 SQ.FEET SOLD OUT ON 24.12.2014.LONG TERM CAPITAL GAIN IS RS. 50.00 LACS.
SIR, IF I CONSTRUCT A COMMERCIAL OR RESIDENTIAL FLAT ON REMAINING 3000 SQ. FEET FROM CAPITAL GAIN OF RS 50.00 LACS THEN WHAT WILL BE TAX LIABILITY
SIR PLEASE GUIDE ME
WITH REGARDS
PANKAJ SRIVASTAVA

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 December 2014 You can claim exemption u/s 54F provided you have only one house property excluding the one proposed.

Rupesh Jain

Rupesh Jain (Expert)
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30 December 2014 you cannot take exemption, due to you get exemption u/s 54F for residential property not on commercial property.

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
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30 December 2014 SIR,
I WOULD CONSTRUCT RESIDENTIAL MULTI STORY FLAT FOR SALE OUT ,THEN WHAT WOULD BE TAX TREATMENT
WITH REGARDS

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
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30 December 2014 SIR,
I WOULD CONSTRUCT RESIDENTIAL FLAT FOR SALE OUT THEN WHAT WILL BE TAX TREATMENT
WITH REGARDS

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
Follow

30 December 2014 SIR,
I WOULD CONSTRUCT RESIDENTIAL FLAT FOR SALE OUT THEN WHAT WILL BE TAX TREATMENT
WITH REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 December 2014 You have to pay capital gain tax.

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