Tax liability for ay 2013-14 query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2013
Assessee sold residential house in assessment year 2012-13 and have a LTCG of Rs.6 lakh.He purchased residential house for Rs. 10 lac.He claimed exemption u/s 54 under IT Act 1961.In AS yr 2013-14 he sold the residential house for Rs. 12 lakh on which exemption u/s 54 was claimed.What is his tax liability for AY 2013-14.He has also salary income of Rs.5 lac.
27 September 2013
The exemption u/s 54 will be reversed and the Capital gain will be taxed @20 percent...
28 September 2013
Agree with Aryan
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