Capital gain tax

arun (Querist) 24 July 2014 This query is : Resolved
sir,
i was allotted house(Rs 18 lakh) in 2007. I got the possession and i did conveyance deed in March 2011. i sold the house( 29.50lakh) January 2014 and purchased new house in resale of Rs 65 lakhs (part payment of Rs 16.50 lakh before 31 March 14 and rest in april with bank loan of 42 lakh, conveyance deen in april) i also deducted TDS and paid to IT dept.
sir, do i have to pay Short term/long term capital Tax. if yes in which FY if no, do i have to intimate IT dept through any form?
arun

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Suhail A.Siddiqui (Expert) 24 July 2014
IT LONG TERM CAPITAL GAIN TAX MATTER SINCE U HAD PAID ENTIRE MONEY IN 2007 AND GOT ALLOTMENT. YOUR SELL WILL PERTAIN FOR THE FINANCIAL YEAR 2013-14 (ASSESSMENT YEAR 2014-15)

Anirudh (Expert) 24 July 2014
I completely agree with the views of Mr. Suhail. Mr. Arun would be better advised to get in touch with a CA in his area, show the papers and ask him to do the needful treating the transaction as Long Term Capital Gains.

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