Tax on Sale of Urban non agri / residencial land buy 1/5/2010 @ 10 lac & sale 15/3/2011 @ 12 lac & i re-invest the whole amount of 12 lac in a new Urban non agri residencial diverted land how to calculated Income tax ? If any exemption i get please tell about me......? i think 54 b & 54 D in not applicable.?
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I need best solution ?
Replies (2)
As you are already aware that you cant claim exemption from Capital Gain Sections and its amount to Short Term Capital Gain and reinvesting of such amount is of no criteria. You need pay tax on Rs.2 lacs as per slab limits relating to that particular AY
i Agree With Prudhvi Krishna
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