Is Long Term Capital Gain Tax applicable on sell of property

ABCDEFGHIJKLMN (Querist) 07 November 2009 This query is : Resolved
Hi Expert Panelists,
I have a question about LONG TERM CAPITAL GAIN TAX.
(1) I have purchased a residential flat in March’06

(2) I had a residential Plot only (without any accommodation built on it).I held it for more than 20 years. Recently I sold it in March ‘07. I am under impression that no LTCG is payable for immovable properties, like Shares and Stocks.

(3) I had a commercial Property held for more than 25/30 years.I sold it in March’08

The purchase cost of residential Flat purchased in March’06 is more than the total receipt of residential plot and commercial property.
In view of above do I have to pay any LTCGain? If yes at what rate?
I will be obliged to have your views on the subject matter.
Bhasker Parikh@gmail.com-Date 07/11/091110 hrs

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