Section 53

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santoshk (Querist)
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15 April 2012 Hi,

My mother is retired from state government employment in 2010 sep. She had sold a house (which my dad and mom built) in Feb 2011 in Jaipur. The sale happened for 21 Lac (on papers). This I would consider as a long term capital gain as we had styed in that house for more than 25 yrs. she was filling her returns until she retired in 2010. she is 62 now.

she had consutucted a new house for 25 lacs (costed more than the capital gained) before completion of 1 year of sale of the first house. The second house was constructed in a different state. From tax liability I bieleve she doesnt owe any tax.

My question:
1) does she have any tax liability?
2) Does she need to file her IT in 2011 - 2012?
3) If yes, where does she need to file the IT. In jaipur (where she sold the house or kerala where she has built the new house)?
4) If yes, what would be supporting documents required for filling?
5) What documents do we need to keep with us in case there isa notice received from IT ?

jagadish hiremath

jagadish hiremath (Expert)
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15 April 2012 You have to file the ITR IV. Compute the long term capital gain and clim exemption accordingly. Do't mind the old sold in one state and constructed new in another state. Prior to filing the return pl check your ITO jurisdiction as per Income Tax Dept data base.

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