Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

My home capital gain

Save Share

This query is : Resolved

Sopan Dattatray Pingale (Querist)

01 July 2023 Sir,
Please help me for my subject

1.I purchased flat in year 2000 of Rs.7,00,000.00

2.I sale of this flat of Rs.35,00,000.00

As per calculation 700000/100 (2000 Year Acquisition Cost)X348 (2023 Year Acquisition Cost) =24,36,000.00

35,00,000-24,36,000.00 (Please suggest my Calculation is Correct)

3. 35,00,000.00 (-)24,36,000.00=10,64,000.00

4.My Question is compulsion to total price of Rs.35,00,000.00 invest in new home

5.10,64,000.00 Compulsion invest in Bond

6.35,00,000.00 (-) 10,64,000 (Capital Gain)=24,36,000.00 i can invest in my choice section e.g. Purchase New Shop,Purchase Car,Purchase Land

Please suggest me

Please direction to me

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

01 July 2023 You can save long term capital gains tax by either investment in sec. 54EC capital gains bonds or any house property u/s. 54 IT act.
You need to invest minimum of capital gains amount (here Rs. 10.64 L) in either or both, to get nil tax liability.

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