Query about capital gain

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

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

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).