Raju Murlidhar Kundaram (accounts executive) (72 Points)
29 July 2011I have to fill Income Tax Return for Salaried, but In the other case I got a Profit against Sale of Flat, which I don't want to show in Income, or even I show, I don't want to pay income tax against this profit, So pls tell me what should I do for this ??
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2011
Capital gain tax will be payable on profit from sale of flat.
It depends on what sort of transaction you have had with the buyer.
Raju Murlidhar Kundaram
(accounts executive)
(72 Points)
Replied 29 July 2011
Actually I have invested that profit in transaction, to Purchase a New flat
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2011
U/s 54 Any long term capital gains arising on the transfer of a residential flat to an individual, will be exempt from tax if the assessee has within a period of 1 year before or 2 years after the date of such transfer purchased, or within a period of 3 years constructed, a residential house.
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