Taxation in sale of property for a senior citizen

Rajeev1978 (Querist) 06 February 2016 This query is : Resolved
What will be the tax implication in sale of a plot of land around 35 lakhs for a , house wife & senior citizen (around 65 yrs)who is a pensioner, drawing the pension of her late husband to the tune of 1,80,000 (p.a.),which she later wants to invest in a commercial property in a years time ?

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Anirudh (Expert) 06 February 2016
The senior citizenship, pension being received etc., has no relevance for the Long Term Capital Gains Tax in respect of disposal of the immovable property, namely the plot of land.

The exemption from capital gains tax will be available only if the capital gain is invested in Residential House. Exemption from tax will not be available in case of investment in COMMERCIAL Property.

Rajendra K Goyal (Expert) 07 February 2016
When the property was purchased?

Rajeev1978 (Querist) 07 February 2016
The property was purchased on 9/11/2011. Is it not so that the gains will be added to the income of the taxee, and will subsequently be taxed as per the bracket she falls ?

Rajendra K Goyal (Expert) 07 February 2016
After three years of purchase, if property sold and no other property purchased as per provisions, long term capital gains is applicable. For details discuss with tax consultant after giving full information.

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