LTCG ON SALE OF PROPERTY
Querist :
Anonymous
(Querist) 27 June 2010
This query is : Resolved
I AM A SENIOR CITIZEN HOUSEWIFE. I HAD PURCHASED A RESIDENTIAL PLOT IN FY 2004-05 FOR RS 18,66,300.00 AND SOLD IT IN FY 2009-10 FOR RS 60,00,000.00 AND PURCHASED A FLAT FOR RS 48,07,369.00 IN MAR 2010. THE INDEXED COST IS RS 24,57,295.00 AND ALSO PAID A COMMISSION OF RS 1,90,000.00 FOR BOTH TRANSACTIONS(SELLING PLOT AND BUYING FLAT).
CAN YOU PLEASE INDICATE MY TAX LIABILITY AFTER TAKING INTO ACCOUNT MY FULL TAX EXEMPTION LIMIT AS BEING AVAILABLE TO OFFSET MY LTCG FROM THESE TWO TRANSACTIONS.
A V Vishal
(Expert) 27 June 2010
1.Clarify whether you were 65 yrs or older in F Y 2009-10. Since in most of the queries, the querist assume 60 yrs or more as senior citizen. Further since you have invested the amount of capital gains in purchasing a new house, your tax liabilty is NIL
