capital gain on sale of plot
This query is : Resolved
16 June 2011
I have sold a plot now. I will receive the payment after four months(Oct). I have one more house in my name. I want to purchase a new plot with the sale proceeds of the plot to avoid capital gain.
I have to make the payment of the new plot after three months(Sep).
My query is that Since the sale will take effect after four months and I want to purchase the new plot after three months, Is the purchase of new plot be adjusted against the old plot?
In this way, can the capital gain be escaped?
Plz reply as it is very urgent.
Thanx
I have to make the payment of the new plot after three months(Sep).
My query is that Since the sale will take effect after four months and I want to purchase the new plot after three months, Is the purchase of new plot be adjusted against the old plot?
In this way, can the capital gain be escaped?
Plz reply as it is very urgent.
Thanx
16 June 2011
THERE IS NO CAP GAIN EXEMPTION IF U SELL PLOT AND BUY PLOT
CAP GAIN EXEMPTION IN THIS CASE CAN BE CLIAMED IF U SELL PLOT AND PURCHASE/CONSTRUCT A RESIDENTIAL HOUSE
CA MANOJ GUPTA
JODHPUR
09828510543
CAP GAIN EXEMPTION IN THIS CASE CAN BE CLIAMED IF U SELL PLOT AND PURCHASE/CONSTRUCT A RESIDENTIAL HOUSE
CA MANOJ GUPTA
JODHPUR
09828510543
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
Trending Online Classes
CAclubindia
