Caapital gains tax
P.Gopinath
(Querist) 01 January 2011
This query is : Resolved
During the course of the financial year 2009-2010 I have sold property worth Rs. 40.00 lakhs. The money has been lent to a educational trust to put up an institutional building.
I understand that the sale now attracts Capital gains tax. I would like to know what are the options to avoid or lessen the burden of such a tax. Is there any time limit to invest in the options available to avoid the tax. Regards. P.Gopinath
A V Vishal
(Expert) 01 January 2011
The details given by you are insufficient, please give details of the property sold viz. date of acquisition, cost of acquisition and improvements, stamp duty and registration charges, date of sale, whether the 40.00 lakhs is as per valuation as per current stamp duty rates to advise and guide properly.
P.Gopinath
(Querist) 10 January 2011
Sorry for having taken this long to clarify the doubts you had raised.
My aunt executed a will on April 16, 2004 conveying a piece of agricultural land of one acre and sixteen cents. She expired on 14.05.2005.
This piece of land had been divided into housing plots and has been sold to several parties during the course of 2009-2010. The market value comes to Rs.50.00 lakhs whereas the sale realisation is around 40.00 lakhs. The stamp duty and registration charges have been borne by the buyers. Dates of sale stretch during the accounting year of 2009-2010. I could attach the exact dates of sale separately if u desire so. Regards. P.Gopinath
P.Gopinath
(Querist) 18 January 2011
The question still remains unanswered.
