Please answer me this question.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 I AM AN INDIVIDUAL.

I PURCHASED A LAND IN 24/05/2009 FORRs.340000 & REGISTRATION Rs.30000.

THEN LOAN TAKEN FROM BANK FOR CRAETING BUILDING RS.200000 IN 13/07/2009.THIS LOAN AMOUNT IS MY BUILDING CONSTRUCTION AMOUNT.

BUILDING COMPLETED IN 18/08/2009.THEN I PROVIDE THIS BUILDING TO A PERSON FOR RENT RS.24000 P.M. &

I SOLD THIS HOUSE IN 4/11/2011 FOR RS.780000. A.Y 2012-2013.

SORRY FOR MISTAKE TYPING MY QUESTION.

PLESE COMPUTATION MY TOTAL INCOME & TOTAL TAX. PLEASE DETAILING COMPUTATION.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 April 2012 You have taken a loan for construction but out of it or other than it how much you have spent on construction is not clarified by you.
.
Your investment was giving benefit @50%. Why have you sold such an investment?
.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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29 April 2012 3,70,000 was your cost and you have sold for 7,80,000. This sale is within 3 years and hence it is short term capital gain. So your gain is 4,10,000 against which you have spend 2,00,000 taken as loan from bank hence your net Capital Gain is 2,10,000. On this you have to pay Tax @20%. If you have incurred further expenses on building that can also be adjusted.

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