Legal Question in Real Estate Law in India
I bought a Property for Rs. One Lakh in the Yr.1992 and now I am going to sale the same for a consideration of Rs. Ten Lakhs. Kindly let me know if I am liable for capital gain or other Income Tax related matter and if so, what will be my contribution ?
Asked on 12/27/11, 1:35 am
2 Answers from Attorneys
Stalin Selvamani
S & P Law Associates
No look when you sell the property and out of the sale proceeds if you buy another property or residential house then capital gain tax will not attract but if you are not using it to buy any other property then capital gain tax will attract.
Answered on 12/28/11, 11:07 pm
Shrichand Nahar
S.V.Nahar, Advocate
Depends on nature of property.
Answered on 5/24/12, 2:30 am
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