CAPITAL GAIN

This query is : Resolved

amar preet singh (Querist)
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11 July 2009 MY CAPITAL GAIN IS 462500/-. THIS IS LONG TERM CAPITAL GAIN BY SELLING OF PROPERTY IN THE FINANCIAL YEAR 2008-09 . IN THE SAME YEAR I PURCHASED THE PROPERTY FOR RS. 2271104/- SHOULD I PAY ANY TAX FOR THIS. IS IT NECESSARY FOR ME TO GIVE SALE AND PURCHASE DETAIL IN INCOME TAX RETURN ? IF I HAVE NOTHING TO PAY ANY CAPITAL GAIN THEN I THINK THERE IS NO NEED TO GIE DETAIL OF SALE AND PURCHASE OF PROPERTY IN INCOME TAX RETURN AM I RIGHT ?

Rajesh

Rajesh (Expert)
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11 July 2009 It depend on the Age of Property, Please tell the date of property which you sale and which rate you have purchase and compare it with the index rate and calculate the gain. as well as date of purchase of property Rs. 2271104/-

Ratan Sharma

Ratan Sharma (Expert)
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11 July 2009 Hi,
You will have to give the details of sale or purchase of property even if there is no capital gain tax payable. You will have to claim deduction u/s. 54 and have to give the calculations in the Income Tax Return.

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