please help
This query is : Resolved
14 March 2011
Hello Experts
I am sanjay this side. I want a valuable advise from experts and CAs. My point is that:
If I had purchased one property in Aug 2007 and sold it on 15/6/10 building a profit of Rs150000/- short term capital gain, subsequently reinvested the amount in other property in the m/o Nov 2010 itself. What is the procedure to avail some tax rebate?
Kindly advise. It is urgent as I have to pay the advance tax.
thanks and regards
sanjay
I am sanjay this side. I want a valuable advise from experts and CAs. My point is that:
If I had purchased one property in Aug 2007 and sold it on 15/6/10 building a profit of Rs150000/- short term capital gain, subsequently reinvested the amount in other property in the m/o Nov 2010 itself. What is the procedure to avail some tax rebate?
Kindly advise. It is urgent as I have to pay the advance tax.
thanks and regards
sanjay
CA PARAS BAFNA
(Expert)
14 March 2011
You consider STCG of Rs 150000/- for the purpose of advance tax, however if your 80C, (100000/ LIC NSC etc) 80CCF( Long Term infra structure Bonds,20000) limit is vacant, utilisation of the same will be beneficial.
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