capital gain on sale of plot where installments were paid during number of years

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..... Hi I have a query : OLD PLOT - Total Cost - Rs. 19.2 Lacs Bought in Dec 2002 Paid for in installments over 6 years Possession in April 2006 Sold in Dec 2009 for Rs. 60 Lacs NEW PLOT - Total Cos .....

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..... t - Rs. 98 Lacs Bought in Dec 2009 FLAT - Total Cost - Rs. 40.2 Lacs Booked in August 2008 Allotment Letter issued in Sept 2008 Full payment made to builder in Sept 2008 Agreement signed with bu .....

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..... ilder in Feb 2009 The issues are: Will the flat be treated as 'SECOND HOUSE' in case I build a house on the new plot? If the flat is a second house, will I be ineligible for relief under Sec. 54(F) .....

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..... on long term capital gains if I construct a house on the new plot? In a situation where I want to offset the gains against the flat (and ignore the new plot), will it qualify? The doubt is because .....

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..... the 'ALLOTMENT LETTER' for the flat was issued in Sept. 2008 and this is before the one year period of the old plot being sold in Dec 2009. - Reply By GOPALJI AGRAWAL - The Reply = Dear Rahul, Your q .....

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..... uery needs various other facts hence may not be opined under the forum. - capital gain on sale of plot where installments were paid during number of years - Query Started By: - Rahul Bagaria Dated:- .....

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..... 21-4-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanag .....

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..... ementindia.com - TMI - TaxTMI - TMITax .....

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