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.
CAclubindia
