Capital gain on sale of house / plot

Others 1047 views 2 replies

Dear expert friends,

 

With very little knowledge towards income tax / capital gains i have two queries:

 

1. Mr. A has 4 flats all with long term period of more than 4 yers of which he sales 1 flat, now my question is 

- will he have to pay compulsory 20 % tax(index rate and all consider in the case)

- can he use the capital gain amount say 10 lakh to buy another residental house and save tax?

 

Case 2. - Mr. A has 2 plots, all with long term period of which he sales one plot:

- will he have to pay compulsory 20 % tax (index rate and all consider in the case)

- where he can invest the capital gain (he owns 4 flats )

 

lookig forward for answe for the same:

 

 

 

Replies (2)

since Mr.A already owns a residential flat he cannot avail exemption under section 54 by purchasing a flat..he can purchase govt bonds under section 54EC and avail exemption.

Dear mam,

What if Mr.A (owns 4 flats) sales ! of his plot/ house and deposit the amount in capital gain account scheme and plans to purchase a new house, does Mr.A have to pay tax in the given scenario.

Awaiting for some insights...


CCI Pro

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