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shekar (proprietor)     28 February 2015

Clarification needed regarding capital gains

Below are the transaction details :

1. Purchased one vacant site in the year 2000-2001 for Rs. 184000 ( one lakh eighty four thousand )

2. Sold the above in the year 2013-2014 ( 24-08-2013 ) for 1920000 ( Nineteen Lakshs Twenty Thousand )

3. Purchase another site on 14-02-2014 for Rs. 3839400 (thirty eight lakhs thirty nine thousand four hundred ) - ( 50 %  share )

4. Given the above purchased site for joint venture on 20-03-2014 to develop residential flats for which out of the 12 flats i am eligible to get 5 flats .

I do not own any house or residential flat . Please let me know weather i am eligible for capital gains exemption.

Reagrds :

shekar



Learning

 3 Replies

Advocate Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India)     28 February 2015

Dear, Please call CA and discuss the same at 9871563826...., Kapil Chandna Adv 9899011450

ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING)     28 February 2015

You have gain profit on your original purchase. However, since reinvested, capital gain should not attract  you. However, consult Tax Expert

V.R.Chandrasekhar   30 December 2015

Sir

If the sale proceeds are invested in purchasing an houseis only exempted for capital gains tax or even for buying a plot.

 

please clarify 

 


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