20 November 2011
if commercial property purchase in a year 2000 for rs 500000 & these is sell in nov 2011 for 3000000 & i purchase a new commercial property of rs 4500000 so can i laible for LTC gain & what is solution for tax saving
20 November 2011
TOTAL CAPITAL GAIN= 30 LAKH LESS 500000 / 406 * 784 = 965517 = APP 20.34LAKH SINCE NEW COMMERCIAL PROPERTY NOT GET ANY SET OFF (EXEMTION). SO IF THEIR IS NO SURPLUS FUND TO INVEST IN EXEMPTED PROPERTY / ASSET LIKE NHAI OR RECL BONDS TO REDUCE CAPITAL GAIN TAX, PAID TAX ON 20.34 LAKH @20%=APP. 4 LAKH THIS PROPERTY HOLD MORE THAN 3 YEARS SO IT IS LONG TERM ASSET AND LIABLE TO TAX @20%
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