Long term capital gain

prakash (Querist) 10 October 2013 This query is : Resolved
Sir,
My friend has sold his residential plot and wants to purchase a house from the amount received.Can he save the long term capital gain by purchasing a residential house.
Please advice.

Follow Query

Report Abuse

R.K Nanda (Expert) 10 October 2013
CONSULT TAX LAWYER.

Rajendra K Goyal (Expert) 10 October 2013
Depends upon so many conditions. You have not mentioned, when the property was purchased, what was the capital gain, was it short term or long term etc.

Consult your tax adviser.

M V Gupta (Expert) 10 October 2013
Yes. He can save the tax by investing the amount in the purchase of another residential property within a period of two years from the sale of the original property.See section 54 of the Income Tax Act, 1961.

ajay sethi (Expert) 11 October 2013
agree with mr gupta

Anirudh (Expert) 11 October 2013
The information asked for by Mr. Rajendra Kr. Goyal is necessary before one can give answer to your query.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries