Capital gains on plot or residential property?

rocky (Querist) 04 October 2011 This query is : Resolved
If very old ancestral house is felled and then the resultant plot is sold, what would it be considered as LTCG from sale of plot or house.What are the options available to save tax in both scenarios?

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prabhakar singh (Expert) 05 October 2011
EXCEPT COST INDEX BENEFIT NOTHING ELSE.

R.Ramachandran (Expert) 05 October 2011
I agree with the views of Mr. Prabhakar.

Sailesh Kumar Shah (Expert) 05 October 2011
Purchase another house.

Raj Kumar Makkad (Expert) 05 October 2011
Ancestral house do not give rise to any capital tax liability.

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