27 December 2010
my client Purchased house property – residential : Rs. 11.75 lacs – 30.8.2004 (bank loan to be repaid ie 10 lacs……) Selling for a purchase consideration of Rs. 40 lacs today -dec-20.2010(this month)
Please let me know if any capital gains How to invest these funds so that capital gains is minimized…..
29 December 2010
Yes, capital gains tax liability shall arise. The gain shall be in the nature of ong term capital gain tax and shall be difference between the sale value of house less indexed cost of acquisition of the house.
CAclubindia
