Hiii All
I have a query, please help me.
Individual had purchased a commercial property in f.y. 1982 for Rs 115000 and is selling it in f.y. 2011 for Rs 20lacs.
According to this data Sec 54F should be applicable i guess? So, the tax amount will be (2000000 - 115000*785/109 )*20% and gain is 1171788
For which he has to purchase a new house property within 2years. What all are the other provisions that apply regarding this? The Individual does not want to pay any tax and also does not want to purchase new house property. Can he deposit the amount in scheme for 5 years and after that the money can be utilised for any other purpose? Can he do so?
Please help in the matter at earliest.
Thanks in advance.
CAclubindia
