Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2015 Sir i am living in a builder floor purchased in may 2012. Now i want to sell it and from the money received i want to buy a plot and then construct it for self use. Whether capital gain tax is applicable or not.

Arpit Shah

Arpit Shah (Expert)
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18 December 2015 http://taxguru.in/income-tax/capital-gain.html

Arpit Shah

Arpit Shah (Expert)
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18 December 2015 calculation

http://taxguru.in/income-tax/automatic-capital-gain-calculator-excel-format.html

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CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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18 December 2015 Hi.. As per section 54 of Income tax act 1961, Exemption from long term capital gain on residential house can be claimed on cost of new construction of residential house if construction completed within 3 years from the date of transfer... and cost of new construction include cost of land too....

Thank You...

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2015 Thank u Mukesh g for ur valueable feedback