Long term cg if invested in property and sold immediately

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2014 Hello Friends,

Please find below my query

1) I had purchased property1 in nov year 2006 @ Rs.1000000
2) I later sold property1 in oct year 2011 @ Rs.28500000
3) With capital gain from property1 i purchased property2 in july year 2011 @ Rs.5681250. As it was long term gain i got tax benifit.
4) Due to some emergency withing 3 years i.e feb year 2014 i sold property2 and purchased property3 @ Rs4700000.

My question is how much of tax will i be charged and is there any way to save tax. I am getting confusing answers from various CAs i consulted.

Rupesh Jain

Rupesh Jain (Expert)
Follow

04 July 2014 when you sold the 2 property its profit is taxable for you in which in year when you sale as short term capital gain.
you have to pay tax on that profit.

it is no matter that you bought new property or not.

you are not mention the sales price of sales in feb -2014.

sale of feb -2014 (minus)5681250= gain include in your another income and tax accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2014 Thanks Rupesh. So no way to save tax. Can I consider amount as broker charges while sale of property 2? I had also made some constructions do i consider it?

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

03 August 2024 https://docs.google.com/document/d/1LeM73FD1Ptzowltl1ncoiLEmW4WEdWSTPkshsHUcyAE/edit?usp=sharing

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vimlesh kumar

nitin

CA K GIRIDHAR

raval umesh

Suvigya Tiwari

Subscribe Now

Long term cg if invested in property and sold immediately

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Senior Executive

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY