About paying tax

it was purchased in year 1997. it is a plot.

Originally posted by : nikitha chabriya madan mohan
	hello..a individual whose income is less 2 lacs. now he have sold his assets that is more 2 lacs . does he needs to pay tax ? pls tell the ways invest so that he s exempted from paying tax..

Sale price is not criteria to decide the tax liability.. If the Capital gains ( Sale Price - Purchase value with some workings) exceeds the basic slab, then he may require to pay tax

Originally posted by : nikitha chabriya madan mohan
	it was purchased in year 1997. it is a plot.

Could u specify the cost of asset purchased for  and sale consideration and sale date.

sale price exceeds the basic slab . it was purchased around 10 lacs and sold around 25 lacs on 30.9.13

Hope purchase was done after march in 1997 (i.e f.y 1997-98).

Since it is a plot it is obvious of getting capital loss on asset.

Any way no need to pay tax

thank you...

and pls suggest what investment can be done..

not to pay tax for interest and all

Originally posted by : nikitha chabriya madan mohan
	and pls suggest what investment can be done.. not to pay tax for interest and all

In the above instance you need not pay tax.

If incase your getting tax you can claim exemption by investing in another house property under section 54 of IT act