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Selling Own House

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(Querist)
27 July 2010 Hi,
My neighbour is selling their house for Rs 65 lakhs and planning to shift to US .Can anyone tell me their tax liabilities? Plz suggest a proper tax planning program regarding this.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 July 2010 Sell the house. Purchase the house and claim exemption u/s 54.
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srinath

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srinath (Expert)
27 July 2010 the differnce between the sale price and indxed cost of acquisition shall be long term capital gain....
this shall be taxed at 20% as increased by Education cess
if he wants to claim exemtpion he should either invest the capital gains in another house or purchase bonds u/s 54EC (Eg NHAI)
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