Tax planning regarding residential house

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GIRISH KUMAR GARG (Querist)

24 August 2009 Dear all,

My father purchased a plot for Rs. 3375 ( including legal exps.)on 15.03.1977. He constructed a residential building on it in 1981-82 which cost Rs. 3 lac. He sold the building for cash amounting Rs. 11,26,300/- on 16.03.2009. The consideration is still remaining unutilised.

Please tell me whether there is any capital gain on this transaction? If yes, how much tax to be levied? Can we avoid the tax through planning?

I shallbe obliged to the responding experts to answer my queries.

Thank u

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

24 August 2009 There shall be a long term capital Loss in the FY 2008-2009. You could have claimed a capital loss on this transaction of sale of Rs. 639342 i.e (1126300-1765642), which could have been claimed in next years. But the time of filing of ITR is now expired which is mendatory for claiming this loss. You need not to pay any tax on this transaction.

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