long term capital gain tax and exemptiom
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2010
I havd purchased a residential property in Nov 2006 for Rs. 100000/- as per index present value come to rs 1217726/-. suppose i sale this property for rs. 15,00,000/- i have to pay long term capitla gain tax on rs 282274/-
If i purchases a new flat in the financial year 2010-2011 and kept the amt of rs 282274/- in bank account specificaly open for capital gain tax will the capital gain tax exempted
If i purchases a new flat in the financial year 2010-2011 and kept the amt of rs 282274/- in bank account specificaly open for capital gain tax will the capital gain tax exempted
KRISHNA KUMAR R C
(Expert)
07 January 2010
Yes, if other conditions prescribed underthat section is satisfied.
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