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Narayanan (Doctor)     06 October 2012

Capital gains

Dear Friends,

I purchased a residential land for Rs 5 lakhs on 20.01.1995. I used Rs 250000 for developing that land in 2007.

I sold the land for 4750000 on 22.01.2009. I put the full amount (4750000)in capital gains avoidance FD in SBI  within a week for 1000 days. I think, I have put Rs 10 lakhs more in capital gains FD unnecessarily. On 19.01.2012, I gave a D/D for Rs 3650000 from the capital gains avoidance FD to the builder as full payment for a flat under construction which will be getting completed this Jan 2013.

This is the first flat i have purchased in my name and i have no other flats or houses in my name till date.I feel there is no capital gains tax.

I request opinion from the experts.

Thank you all in advance.



Learning

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