Dear all,
i have a tax query regarding long term capital gains, request some member from delhi who can handle such matters to please get in touch..
i bought a residential flat for13,67,000 in 2003, in the present year want to sell the said resi flat..need advice on filing of return and such ancilary work..please get in touch..regards
You will have to first compute long term capital gain, and invest the same in another property to save tax.
| Originally posted by : Mihir | ||
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You will have to first compute long term capital gain, and invest the same in another property to save tax. |  |
but i dont wish to invest the same,the ltcg is about 36 lakhs.
Profit or gain on transfer of Capital asset is taxable in the year in which such transfer took place. you can save tax amount if you invest gain or net consideration on Investments specified u/s 54. otherwise you need to pay tax.
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