section 54

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CA Sanjeev Kr Jain (Querist)
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24 February 2009 I sold house in jan 2008 for Rs. 22,00,000 and long term capital gain was 18,00,0000 out of which 13,00,000 given for flat in TDI, Sonipat still under construction, balance 9,00,000 deposited in capital gain account scheme bank account

now i wish to sell the flat in TDI for 14,00,000 and wish to buy another flat in delhi

pl guide my tax liability

if i have to pay tax on earlier gain of 18,00,000 or

if i can set off loss of new house of TDI from gain of oldest house or

since i am buing the new ultimate house within 2 year there would be not implication

Sanjeev Jain
9811274429 Delhi

chetan soni

chetan soni (Expert)
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25 February 2009 Sanjeev,

In your case there are two situations:

01. Gain from sell of flat at sonipat i.e. 1L will charged at Short term capital gains.
02. Earlier Exemption from investment at sonipat will taxed as Long term capital gains in the year of sale.

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Querist)
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25 February 2009 thanks mr soni

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