My client purchased a site in bangalore for 40 lakhs on 29/01/2020 resold on 14/03/2024. for 70 lakhs. he purchased a new site form these proceeds for 54 Lakhs on 29/05/2024. Does this transaction warrant payment of capital gain tax ?
My client purchased a site in bangalore for 40 lakhs on 29/01/2020 resold on 14/03/2024. for 70 lakhs. he purchased a new site form these proceeds for 54 Lakhs on 29/05/2024. Does this transaction warrant payment of capital gain tax ?
Yes, long term capital gain tax over sell transaction liable.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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