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Tax liability for ay 2013-14 query

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2013 Assessee sold residential house in assessment year 2012-13 and have a LTCG of Rs.6 lakh.He purchased residential house for Rs. 10 lac.He claimed exemption u/s 54 under IT Act 1961.In AS yr 2013-14 he sold the residential house for Rs. 12 lakh on which exemption u/s 54 was claimed.What is his tax liability for AY 2013-14.He has also salary income of Rs.5 lac.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
27 September 2013 The exemption u/s 54 will be reversed and the Capital gain will be taxed @20 percent...
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
28 September 2013 Agree with Aryan
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