Property sale Capital gain tax

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Property sale Capital gain tax
Query (Issue) Started By: - chris ivory Dated:- 10-12-2015 Last Reply Date:- 11-12-2015 Income Tax
Got 1 Reply
Income Tax
My father bought land for 1 lakh ( .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1991) and sold for 36 lakh (2015) It was in the name of myself and my brother . I got 18 lakh and another half gone to my brother account. I have used this money to settle my home loan in 2015 for .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 14 lakh (Flat booked in 2012 - Home loan started in 2013) I have left with 4 lakh remaining which i will use to settle the demand of the builder for the same flat - 2012. I am in 30% bracket of arou .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nd 13 lakh income group (paying 1.6 lakh income tax) - Will my above transaction that i have used land proceeds money towards settling my home loan will qualify for NO capital gain property tax on m .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e? - I have left with 4 lakh in saving account,can i use it for short term FD in bank,as demand letter from builder is very slow? Reply By MARIAPPAN GOVINDARAJAN: The Reply: Capital gain tax defini .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tely attract in your case.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X