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tax liability

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SYED MAHABOOA PASHA

SYED MAHABOOA PASHA (Querist)
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28 August 2010 Sir,
A retail trader filing return of income based on the liability what ever he earned as net profit,in the succeeding year he sold out a property of land belongs to his father assume the amount is Rs.15Lacs, he purchased a house with addl investment of Rs.2lacs.Now under which head
he should be assessed.please clarify-
S M Basha

avdhesh varshney

avdhesh varshney (Expert)
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29 August 2010 he will be assessed under the head of CAPITAL GAINS CHAPTER IV e,
further u can take exemption u/s 54F under the same chapter !

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