I am expecting a capital gain of Rs. 9.0 Lacs after selling my residential plot.Can I immediately use this whole money(9 Lacs)for buying another residential plot in a different city and later on withen the stipulated period of 3 years if I construct a house on this land from my own money,will I be able to get complete tax exemption on the capilal gains of Rs. 9.0 Lacs?
Re: Capital gain
by SATYAPAL PAWAR on Jan 17, 2009 01:48 PM Permalink
i HAD PURCHASED A PLOT FROM HARYANA URBAN DEVELOPMENT AUTHORITY FOR RS.7 LACS(INDEXED VALUE AS ON 16.11.2006).i SOLD THIS IN 1S.17 LACS.ON 16.11.2006.i PURCHSED ANOTHER PLOT FORM HARYANA URBAN DEVELOPMENT AUTHORITY FOR RS.19 LACS.I HAVE SOLD THIS PLOT ON 2.1.2009 FOR RS 33 LACS I HAD TO SELL THIS PLOT SO AS TO MAKE PAMENTS FOR FLAT THAT I HAD BOUGHT FOR RS.37 LACS ON 6.6.2008.TILL NOW I HAVE PAID THREE INSTALMENTS TOTALING RS.11 LACS.WHILE FILING THE RETURN MY CA CLAIMED THE LONG TERM GAIN OF RS.10 LACSIN 2007-08.INSTEAD OF WRITING PLOT OF LAND FOR CONSTRUCTING HOUSE HE OVERSIGHTLY WROTE HOUSE.SECOND MISTAKE THAT WAS COMMITTED WAS THAT INSTEAD OF SHOWING 7 LACS HE SHOWED IT 2 LACS. WILL YOU PLEASE GUIDE ME HOW TO GO ABOUT THE TAX.
