20 December 2013
i bought a land at Rs. 6,00,000 (6 Lakh), on 10 april 2011 that i sold at Rs.12,00,000 (12 Lakh) on 10 November 2013 Now i invest Rs 10,00,000 for the purchased of new land and i do the registry in the name of two person (me and mu sister) so tell me the capital gain is liable on me or not. or please tell me how i do the settlement with my sister
please tell me in which section i will take the exemption
20 December 2013
Since you held the land for less than three years from the date of purchase there is a short term capital gain to the extent of Rs.600000. The benefit of re-investment in house property/land is not available to you.
CAclubindia
