Capital gain tax

Tax queries 370 views 1 replies

Hello friends,

I have sold a small property ( which was purchased in 1981 ) for Rs 36 lakhs in July'2012.

After taking capital gain index value ( 100 in 1981 & 852 in FY 12-13 ) in to account, and based on my advocates advise, I have deposited Rs 30 lakhs in to CGS account in a nationalised bank, with the intention of using it for the purpose of buying a small flat with in 2 year period.

My question is.............                                                                                                                                                                                   if I have to add the remaining amount of Rs 6 lakh, which is exempted from Capital gain tax, to my taxable income and pay tax on the same this year ( FY 12-13 ) ?

If somebody can respond quickly, I will be very grateful.

Thanks in advance.

kkpk.

 

Replies (1)

You have to add this to your total gross income then u can claim exemption for this rs 6 lakhs, By this your total taxable income will be same as before taking this into account.

 While filing return there is a column of exempt income, Put this figure of Rs 6 Lakhs in that column. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register