Please Help: Capital Gain Tax
Posted Date : 12-Jan-2014 , 07:14:46 pm | Posted By Siddharth Bumb
Please answer the following with reference to Section and case law if any :
I am about to sell my property and I would like to know if i have to pay any Capital Gain Tax.
Also after selling my property I would be investing in another property within a years time.
Details:
Flat Booked Date: 27-04-2009
Agreement Date: 18-05-2009
Possession Date: June-2011
Tentative Selling Date: Feb-2014
Agreement Value: 15 Lacs.
Selling at 25.60 lacs
Regards,
Siddharth Bumb
www.facebook.com/DTandIDT
WWW.SIDDHARTHBUMB.BLOGSPOT.COM
I am about to sell my property and I would like to know if i have to pay any Capital Gain Tax.
Also after selling my property I would be investing in another property within a years time.
Details:
Flat Booked Date: 27-04-2009
Agreement Date: 18-05-2009
Possession Date: June-2011
Tentative Selling Date: Feb-2014
Agreement Value: 15 Lacs.
Selling at 25.60 lacs
Regards,
Siddharth Bumb
www.facebook.com/DTandIDT
WWW.SIDDHARTHBUMB.BLOGSPOT.COM
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 322
Answers
Comments
karan
13-Jan-2014 , 01:43:32 pmDear Sidharth Kindly let me know if you are going to invest in Comercial or residential property. Further please about the nature of agreement made by you on 18-05-09. you can also mail me at cs.knarang@gmail.com
sandeep Kaushik
13-Jan-2014 , 10:15:16 pmAgree with Asha Jain. But if you want to save tax on capital gain then it is advised that sale should be made after june 2014 i.e after completion of 3 years in that case you can claim exemption u/s 54 (assuming resdential property is transferred & investment is also in residential property.)