Property sale

This query is : Resolved

amit (Querist)
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10 May 2013 Hello sir

My father has to sale our home at rupees 1800000 lac and we have pur home at rupees 2600000 lac

Kya is per koi tax lagega
Dusra home bete ke name per he

Deepak Agrawal

Deepak Agrawal (Expert)
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10 May 2013 U will get exemption u/s.54 as the investment would be more than the capital gain.

But the person who have sold the residential house and the person who invests in the other residential house property should be same person to avail the exemption u/s.54 of the Income tax act. It does not matter that it is registered on the name of person other than seller/investor.

amit

amit (Querist)
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10 May 2013 Sir I don't understand pls clear
Mere papa ke name Jo ghar tha vo hmne 18lac me sale kiya per use sale kerne ke baad hmne dusra ghar 26lac me pur kiya per vo hmne apne name registered kraya kya papa ko or mujhe koi income tax Dena parega pls help me

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Guest

Guest (Expert)

11 May 2013 Amit, jo ghar aapne sale kiya hai, aur jo gain hua hai us ghar ko sale karke, us se aapne new house purchase kay liya hai.

To us gain me se jitna amount aapne new house purchase karne ke liye use kiya hai, vo less ho jayega. To aapka gain Zero(0) ho gaya.

Is liye koi tax nahi lagega.

Expert Deepak ne bhi yahi kaha hai.

Deepak Agrawal

Deepak Agrawal (Expert)
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11 May 2013 Yes. koi tax nai lagega..thanks aasish.

Guest

Guest (Expert)

11 May 2013 Thnx sir, i have learnt so much from you, and still learning.

Deepak Agrawal

Deepak Agrawal (Expert)
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11 May 2013 Same here Ashish. We all are learning a lot from each other..let's keep it up because learning is a continuous process for better progress..Thanks.