Long term capital gain query

arumoy (proprietor) (75 Points)

02 July 2013  

Hallo.

My client sold his residential house and received 15lakhs in FY 2011-12 and 39lakhs in 2012-13, full value of consideration comes to 54lakhs. Fair market value also comes to 54lakhs. therefore, long term capital gain is nil. he invested 21lakhs in buying a flat and constructing a house and rest he invested in shares.

my question is: is it right that the capital gain is nil in this case?? if yes, then what should be the tax treatment?? if no, then how should i proceed with this matter regarding tax payment, if any..??

awaiting reponse eagerly,

regards,

arumoy dutta,

haldia.