Capital gain on sale of house / plot

sam (student) (35 Points)

03 June 2012  

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: