computation of LTCG and Income Tax on property sale

we have our house property in delhi since 1968, one floor was sold in 2009 and entire house was reconstructed and completed in end 2010 with the sale receipts. Doc's are in name of three in family. Total four floors built and one floor possession given to buyer. Total expenditure exceeds 20 lakhs then the total sale receipts. what will be the tax computation as regards the Long Term capital gain and income tax there to file the return.

asked Aug 13 '11 at 16:12 by sks 1111

There won't be income tax payable as u/s 54, whole amount gained from selling one part is used in new house construction.

answered Aug 15 '11 at 20:42 by pankaj 5.2k320


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Asked: Aug 13 '11 at 16:12

Seen: 1,551 times

Last updated: Aug 15 '11 at 20:42