Query about capital gain

Tax queries 1248 views 6 replies

Vinod Lakshmanan

Tech Lead

47 Points Joined January 2011

Hi All,

I have a query about capital gains from sale of property.

I sold a residential property ("Property 1") worth 43 lakhs in Jan 2010 and got 16 lakhs capital gain from the proceeds. I then invested 30 lakhs in a new property in June 2010 ("Property 2").

I now wish to sell "Property 2" as I need cash in hand soon for investing in "Property 3". I expect the sale to be about 40 lakhs.

I have the following queries:

1. Is there any way I can sell "Property 2" within 3 years without attracting capital gains ?

2. How much capital gains would I have to pay if I sold "Property 2" within 3 years?

Kindly let me know.

Thanks,

Vinod

Replies (6)

Mihir Doshi

B.Com CA CS LLB

2187 Points Joined July 2008

Tax will be paid on entire capital gain occured to you on sale of first property would be payable by you as you are going to sell your property within 3 years of purchase

krishna

Student

71 Points Joined February 2010

WHOLE CAPITAL GAIN IS TAXABLE, AS UR VIOLATING LOCK IN PERIOD I.E 3 YEARS

my father died leaving a flat purchased by him in 1989. I got it freehold in my name after taking RD from my only sister.I then sold the property for 44 lakhs. I gave 33 lacs to my sisiter by cheq and a gift deed. The remaining 11 lakhs i want to invest in buying a residential flat. My query is

1] do i have to give any capital gain for selling my fathers flat

If yes, my share from property is 11 lakhs (as my sister has purchased a flat for 40 lakhs including the 33 lakhs i gave her as gift) so my tax liability is 11 lakhs or 44 lakhs-there is confusion among CAs also

singh

sanjay

a dir

21 Points Joined July 2012

hi ,

I have purchased a large size plot 4 years ago and want to sell the half. With the sales proceed of the half plot which i sell , i want to construct a house. Will i be coming in capital gains ambit, if i am able to finish the contruction of my house with in stipulated time (i.e. with in three years).

vt2rbi

self

59 Points Joined June 2014

what is the rate of capital gains tax on companies. my company holds an apartment for the last 10 years. if i sell it today on behalf of the company, will the company be taxed at 20% or flat 30% Need Help Urgently