LTCG : SALE OF PLOT
Querist :
Anonymous
(Querist) 27 June 2010
This query is : Resolved
I was gifted a plot by my father in Sep 2009 through executing a gift deed through the sub registrar office by paying full stamp duty.This was purchased by him in AY 2005-2006 at RS 15,27,861.00(Present Indexed Cost).
I have sold the plot in Mar 2010 for Rs 64,00,000.00 and booked and fully paid a builder for a flat for RS 53,11,523.00 and kept Rs 3,73,000.00 in Capital Gain A/C in a Nationalised Bank towards cost of registry and purchased NHAI Bonds for Rs 4,50,000.00.
How much tax will I have to pay for this transaction.My tax exemption limit of Rs 1,60,000.00 is fully available for deducting the tax liability.
Vineet
(Expert) 30 June 2010
I agree with Mr Shashikumar. There will not be any tax liability after availing exemption u/s 54EC and 54F and whatever small amount remaining be taken care by the minimum exemption limit.
