Capital Gain

This query is : Resolved

Subhash Chander (Querist)
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24 January 2011 Part - A.

Dear All,

I Sold a residential property for Rs. 100/- on which Long Term Capital Gain was of Rs. 70/-. To claim exemption i bought a new property for Rs. 72/-. But I could not retain it with me and sold it with in 1 year of purchase. After sale of it I purchase a new plot of Rs. 80/-. Now :

1. As I claim exemption on long term profit but could not fulfill the requirement to hold new property for more than 1 year. What will be taxation effect.

Please advice.

Part - 2

I got property of my grandfather after his death. Which I had sold now. What will be the term of capital gain. As i have no purchase value for the same. Suppose i sale it for Rs. 500/- than what will be capital gain. The property is more 40 years old.

Thanks in advance