Capital gain tax

This query is : Resolved 

14 November 2017 My father had purchased a land in 1972 n build a house in 1982
He expired in 1995 n v inheirted his property in 2011
Now v r planning to sell this land
If v sell the land approx 1 CR i will get as my share
Can i buy a property n dont have to pay any tax
Is balance amount is there how much tax will i have to pay

14 November 2017 you can replace the value as on 01/04/2001 as cost of acquisition. Work out capital gain. The gain can be invested in house property u/s 54. You can also avail 54EC.
Both the sections have their own restrictions. Please check if you adhere to the same.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries