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property capital gain
one assessee sold this property in fifty lakhs and reinvest in property thirty lakhs pls tell me on which amount capital will be paid by the assessee
Replies (2)
sir, can you please clarify which type of property sold & which type of property purchased
time period of holding the sold property
time period of holding the sold property
you need to first know the cost of acquisition of your property that is sold. that cost will be first indexed and then deducted from your sale consideration. balance amt is taxable as capital gains. if the capital gains is less than 30 lacs then entire cg is exempted
however if the property sold is residential property held for 36months or more and property purchased is residential property then only capital gains is exempted
however if the property sold is residential property held for 36months or more and property purchased is residential property then only capital gains is exempted
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