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 ?
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Regarding capital gain on sale of vacant site and purchase of new site
Replies (1)
Yes, long term capital gain tax over sell transaction liable.
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