05 June 2011
i have sold old house rs.1800000/=dated on 25 th may 2011..This old house is 100 years old & purchase value of this hose is rs.25000/= .now,i want construct my other house worth rs.2000000/= from this amount after one year. index value is 300000 as per 01-04-1981.whether i have to file income tax return or not.
05 June 2011
PLEASE GET VALUE OF HOUSE AS ON 1-4-1981 THEN ONLY CAP GAIN LIAB CAN BE DETERMINED U CAN GET THIS VALUE FROM ANY REGD VALUER EVEN OTHERWISE IF U GET THE NEW HOUSE CONST WITHIN THREE YEARS FROM DATE OF TRANSFER OF OLD HOUSE THEN U NEED NOT PAY ANY TAX (tHIS IS BASED ON FIGURES SUBMITTED BY U)
CAclubindia
