Long term capital gain

Tax planning 346 views 2 replies

I purchased an office in 1999 sep for rs 6 lacs, it is not registered in my name. Now I will sell it for rs 35 lacs. The stamp duty valuation is rs 61 lacs. Obviously, the stamp duty value is much more than the real market value, I m in no position to pay capital gain tax even after indexing. What is my tax liability on this deal and how to minimise it. Do I need to re invest in residential property only. I hav no residential property in my name, as on date. Pl advise best tax planning for me. I want to purchase another office with the sale proceeds.

Replies (2)

if the office is not registered in your name then why are you worried about paying the LTCG.  The owner of the proeprty will pay LTCG.

if u have 'purchased' office than how it is not in your name???


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