22 December 2012
Dear Sir, I claimed exemption of Long Term Capital Gain i.e Rs.1310783/- in my income tax return filed in JULY 2011 U/S 54 for constructing a new house.I spent Rs.3694000/- on the construction of my new house till date after taking a bank loan of Rs.1200000/-.The construction is still incomplete requiring atleast another 7-8 lacs. But now i am out of funds having no other source left. So I am selling this incomplete house for Rs.4000000/-. I want to know what will be my SHORT TERM CAPITAL GAIN and how much income tax i have to pay.ALSO can i claim any exemption for not paying the income tax. Please guide me accordingly. Thank You. Arun Sharma
CAclubindia
