Long term cg if invested in property and sold immediately

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2014 Hello Friends,

Please find below my query

1) I had purchased property1 in nov year 2006 @ Rs.1000000
2) I later sold property1 in oct year 2011 @ Rs.28500000
3) With capital gain from property1 i purchased property2 in july year 2011 @ Rs.5681250. As it was long term gain i got tax benifit.
4) Due to some emergency withing 3 years i.e feb year 2014 i sold property2 and purchased property3 @ Rs4700000.

My question is how much of tax will i be charged and is there any way to save tax. I am getting confusing answers from various CAs i consulted.

Rupesh Jain

Rupesh Jain (Expert)
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04 July 2014 when you sold the 2 property its profit is taxable for you in which in year when you sale as short term capital gain.
you have to pay tax on that profit.

it is no matter that you bought new property or not.

you are not mention the sales price of sales in feb -2014.

sale of feb -2014 (minus)5681250= gain include in your another income and tax accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2014 Thanks Rupesh. So no way to save tax. Can I consider amount as broker charges while sale of property 2? I had also made some constructions do i consider it?

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