Is Long Term Capital Gain Tax applicable on sell of property
ABCDEFGHIJKLMN
(Querist) 07 November 2009
This query is : Resolved
Hi Expert Panelists,
I have a question about LONG TERM CAPITAL GAIN TAX.
(1) I have purchased a residential flat in March’06
(2) I had a residential Plot only (without any accommodation built on it).I held it for more than 20 years. Recently I sold it in March ‘07. I am under impression that no LTCG is payable for immovable properties, like Shares and Stocks.
(3) I had a commercial Property held for more than 25/30 years.I sold it in March’08
The purchase cost of residential Flat purchased in March’06 is more than the total receipt of residential plot and commercial property.
In view of above do I have to pay any LTCGain? If yes at what rate?
I will be obliged to have your views on the subject matter.
Bhasker Parikh@gmail.com-Date 07/11/091110 hrs
Vineet
(Expert) 07 November 2009
please refer to my answer to this question in property law category.
Raj Kumar Makkad
(Expert) 07 November 2009
This quarry has repeatedly been raised on today and I have already replied.
