17 December 2009
Suppose a person Purchased a Flat for Rs 323000/- and Purchased a land of Rs 57200 in 1996 He sold flat for rs 25 Lacs and Land for Rs 11 Lacs in 2009 Thereafter he purchased a house of Rs 25 Lacs What is the Tax Treatment?
17 December 2009
dear sir first find out capital gain from sale of flat after indexation - work out separatel capital gain from sale of land after indexation - now as per law u'll have to invest Net consideration from land and only capital gain from flat in a new house suppose the gain from flat is only 10 lakhs and net cosideration from land is 12 laks then it will be Ok - now u'll be in a position to complete the computation .
CAclubindia
