Taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2014 I sale my old property(shop) at Rs.5500000/- where nothing doing since 12 year and purchase immediately new property (House)at Rs.5800000/-. what is the tax procedure?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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21 December 2014 Long term capital will arise and taxable under section 112 of Income Tax Act.

However, since you have invested in new property and cost on new house property is more than the consideration. Therefore No Tax will be levied and whole long term capital i exempt from tax under section 54F

Rupesh Jain

Rupesh Jain (Expert)
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22 December 2014 YOU CAN CLAIM THE THE DEDCUTION U/S 54F UNDER WHICH YOU HAVE TO INVEST THE SALES CONSIDERATIOIN OF OLD PROPERTY IN NEW PROPERTY IF YOU NOT INVEST THE ALL CONSIDERATION THEN YOU HAVE TO PAY THE TAX ON CAPITAL GAIN ON BAL.CONSDERATION.

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