Capital gain

This query is : Resolved

RAKESH kumar (Querist)
Follow

15 January 2010 I have a property(land) which I inherited from my father in July,2008. A part of this i am planning to sell within a month or two. The value of sale will be Rs.50.00 lac approx. What will be my tax liability? In what ways can I save tax? I am planning to buy/build a residential house for myself with a portion of the above mentioned amount.

Please reply

regds

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

15 January 2010 Sale taxable as long term capital gains. Indexation available since the date you possessed the property.

If you purchase house property as per conditions laid u/s 54F then the gain will be exempt to that extent