Long term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
hi experts
I have sold my house in july 2011 & have long term capital gain of rs. 40 lakhs & bought a plot in aug 2011 & paid rs. 30 lakhs in aug 2011 & next full & final installment of this plot is in 30 apr.2012 for rs 10 lakhs.I also get a rs. 1 lakh as interest by investing bal. 20 lakh (10 lakh principal & 10 lakh ltcg) during july 2011 to apr 2012.
now please tell me about the status of taxes
I have sold my house in july 2011 & have long term capital gain of rs. 40 lakhs & bought a plot in aug 2011 & paid rs. 30 lakhs in aug 2011 & next full & final installment of this plot is in 30 apr.2012 for rs 10 lakhs.I also get a rs. 1 lakh as interest by investing bal. 20 lakh (10 lakh principal & 10 lakh ltcg) during july 2011 to apr 2012.
now please tell me about the status of taxes
15 April 2012
Just by investing in plot you will not get exemption U/s 54 from capital gains. You have to construct a house within 3 years then only you will be eligible to get exemption.
(Construct at least 1 Room Kitchen)
.
Interest is taxable under the head Income from other sources.
.
(Construct at least 1 Room Kitchen)
.
Interest is taxable under the head Income from other sources.
.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2012
thanks for advice.
16 April 2012
Yes Mr. Bafna is correct and I agree with him
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