Please clear me if i purchased a residential flat property in april 2006 for amount 1200000 and sold this property in april 2011 for amount 5000000 in this way i get capital gain after taking index value 2000000 (for Example).and i purchase another property in Dec. 2011 and invest this capital gain in residential builder flat purchase property 60 lac and now i have not get possession this property and i sale this property in 2014 again for amount 90 lac please how can i calculate capital gain .
16 April 2014
U/S 54 IF YOU INVEST CAPITAL GAIN GENERATED FROM LONG TERM (MORE THAN 3 YEARS) RESIDENTIAL PROPERTY. THEN YOU CAN SAVE TAX. IN your case 5000000-2000000=3000000 you have to invest . you invest rs, 60 lcas then no tax will pay.
after three year 90 lacs - indexed cost of rs, 60 lcas = if bal remain and no investment made by you in residential property then you have to pay LTCG @ 20% on capital gain.
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