Sir: I had purchased a shop in the year 2009 for a sum of Rs.400000+Rs27500(stamp duty)+Rs.80000(agent Com)+Rs.150000(Shop color & maintenance)= Total Rs.657500/-. Now I am on the verge of selling the shop property for Rs.3500000/-. What shall be my LTCG? I don't have any home, Can I invest the proceeds in my 1st home?, What part should I invest so that my capital tax be nil? What is the time frame with in which I need to buy my new home? If I am unable to find a new home in your stipulated time what should I do next?
I shall be obliged if I get my reply asap.
CAclubindia
