Kumar (Accountant/HR) (72 Points)
22 June 2012Dear Experts,
My Friend had bought a Flat by loan and 2.5 years over as on today and now he wanted to sell a site which he bought 7-8 years back.
Can he adjust the sale amount to his flat loan? or he needs to pay any tax on amount receivable on sale of flat?
Please guide me the provisions and tax payable if any...
Regards/ Kumar
Monith Agarwal
(MR.)
(117 Points)
Replied 22 June 2012
He will not be able to adjust with the transaction mentioned by you as the investment is not "one year before or 2 year after the transfer of capital asset".
Kumar
(Accountant/HR)
(72 Points)
Replied 22 June 2012
| Originally posted by : Monith Agarwal | ||
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He will not be able to adjust with the transaction mentioned by you as the investment is not "one year before or 2 year after the transfer of capital asset". |
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Dear Monith Agarwal,
Thank you for your kind reply... but can u please explain the same in brief...
Monith Agarwal
(MR.)
(117 Points)
Replied 22 June 2012
Dear Kumar,
i understand that your friend intends to sell the site now.
suppose he sells on 22-06-2012, then to get relief from capital gain tax, the sale proceeds should have been invested in the time frame of 22-06-2011 to 22-06-2014.
If i am wrong i would like the experts to assist me.
regards
monith agarwal
CAclubindia
