please clarify on the following topic
1. Purchase of Residential Site in the year 2004 for rs.500000/- and sold on 14.02.2010 for Rs.1300000/- and invested in the new site on 15.06.2010. Will there be a long term capital gain tax, if so what is rule and section.
2.. Purchase of Agricultural Land 20 years back for rs.28000/- and sold for Rs.600000/-in july 2010 will there be a long term capital gain tax
If the sale proceeds is gifted to son and married daughter will there be any tax.
Please clarifty
CAclubindia
