Dear expert friends,
With very little knowledge towards income tax / capital gains i have two queries:
1. Mr. A has 4 flats all with long term period of more than 4 yers of which he sales 1 flat, now my question is
- will he have to pay compulsory 20 % tax(index rate and all consider in the case)
- can he use the capital gain amount say 10 lakh to buy another residental house and save tax?
Case 2. - Mr. A has 2 plots, all with long term period of which he sales one plot:
- will he have to pay compulsory 20 % tax (index rate and all consider in the case)
- where he can invest the capital gain (he owns 4 flats )
lookig forward for answe for the same:
CAclubindia
