Capital Gain

This query is : Resolved

Baljinder Singh (Querist)
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03 October 2007 Sir,

I have purchase property for Rs. 5 Lac in Nov'2000, Today the market value of property is Rs.20 lac. At Present I am residing on Rental basis in Delhi.

Now, would like to sell the property and the same amount will not to be invested in other Property.

I want to know that I am liable to pay capital gain from the property or its exempt from tax.

Pls give me your valuable advice.

Regards

Baljinder Singh

Ravikumar.G

Ravikumar.G (Expert)
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04 October 2007 New Residential house property sould be acquired or the amount should be kept in capital gain account scheme of a Nationalised bank. Otherwise the entire capital gain which will be taxable.