Capital Gain on sale of resident house

Rajesh (Professional) (44 Points)

26 June 2010  

Hi friends,

I sold my resident flat after three year of it's purchase,  

Purchase cost was 12,00,000/- 

Sale price: 17,50,00,00/- 

The difference amount i have invested in my New proprietorship business, 

my question is,whether i am liable to pay any capital gain tax on the difference amount or this amount will be added in my total income where i have to pay income tax.

Please reply 

Regards