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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2017
I have sold a Long Term, Plot, for Rs. 290 Lacs, the indexation price of which is Rs. 140 lacs.
Purchased REC bonds in 2017 for Rs. 30 lacs and a residential property (flat) for Rs. 120 lacs.
What will be the tax liability and exemption available on this transactions?
Reply ASAP.v
Purchased REC bonds in 2017 for Rs. 30 lacs and a residential property (flat) for Rs. 120 lacs.
What will be the tax liability and exemption available on this transactions?
Reply ASAP.v
K Srinivas, CMA CS
(Expert)
20 September 2017
Based on the information provided by you, your long term capital gains is 150 lacs.
I assume that investment in capital gains bonds were made within 6 months from the date of transfer beyond which the exemption will not be allowed.
You have purchased a residential property worth Rs.120 lacs too which means no taxability on sale of the capital asset
I assume that investment in capital gains bonds were made within 6 months from the date of transfer beyond which the exemption will not be allowed.
You have purchased a residential property worth Rs.120 lacs too which means no taxability on sale of the capital asset
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