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

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..... capital gain on sale of plot where installments were paid during number of years
Query (Issue) Started By: - Rahul Bagaria Dated:- 21-4-2010 Last Reply Date:- 24-4-2010 Income Tax
Got 1 Reply

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..... r>Income Tax
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 .....

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..... PLOT - Total Cost - 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 Agreemen .....

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..... t signed with builder 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 .....

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..... under Sec. 54(F) 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 d .....

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..... oubt is because 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 Ra .....

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..... hul, Your query needs various other facts hence may not be opined under the forum.
Discussion Forum - Knowledge Sharing .....

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