Long term capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2012
Dear Experts,

Can anyone guide me regarding capital gain tax implications. I shall explain you in detail.

I bought my house for Rs.4 lacs in April 2005 (in metro city).Currently I am staying their with my family. Suppose I sell this house for Rs. 20 Lacs in this year i.e.2012-13. Then I buy a new house for me for Rs.15 Lacs & balance Rs.5 lacs if Invest in NHAI. Then there would no capital gain tax ? Kindly elaborate

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 August 2012 Your long term capital gain will be calculated after allowing indexation benefit.

The resultant LTCG shall be less than Rs. 15 lakhs.

You have to invest the taxable LTCG to avail the exemption.

The investment of Rs. 15 lakhs itself is sufficient for claiming exemption u/s 54 from the WHOLE of the LTCG.