Capital gan tex on property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2012 Dear member

i am working in a proprietorship firm, we purchased a property in 2008-09 in the name of propiertorbut booked in books as fixed assets, now we sold the same in 2011-12 and amt deposited in propritor personal a\c. in the same time we have purchase new property

now pls adice have we to pay capital gain tax

Ca Anand Dubey

Ca Anand Dubey (Expert)
Follow

07 June 2012 if you hold that property for 36 months? and what is the capital gain amount? how much you invested in new property? what kind of property is it?

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2012 SIR

PROPERTY PURCHASE ON 07.02.2007 FOR RS. 575000 AND SOLD IT ON 16.5.11 FOR RS. 2200000
CAPITAL GAIN IS RS. 1625000.00 WE ARE PURCHASED A HOUSE FOR 2 AND 3 CRORE

Upgrade to CAclubindia Pro. Subscribe Now!

Ca Anand Dubey

Ca Anand Dubey (Expert)
Follow

09 June 2012 assuming first property was also residential house you can avail the exemption u/s 54