I have taken a plot loan from a bank for purchase of a plot (A) in 2015. Now I want to sell another plot (B) and repay the loan. What will be the taxes applicable and whether this will be exempted from capital gains tax.
Dear Sir,
You have to pay capital gain taxes. Exemption from capital gain tax is possible in various case. For eg. If you purchase any residential property out of sale proceeds or if you invest in bonds of NHAI/REC.
Please feel free to revert in case of any doubts.
Thanks and Regards,
CA Abhishek Dugar
Your question is in short and unable to understand.
Kindly tell it in total as we can only suggest you if we have total details like. When the plot was purchase at what price . whether it is residential or commercial etc.
When the Plot B was purchased and value along with the date of sale and value so that we can check whether it is short term or long term.
Hello Sir,
Please as to when was the Plot of Land purchased which you are intending to sell now, in order to advice you properly.
Please help us with the details in order to guide you in a proper manner.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Dear Sir,
you have to pay Capital Gain Tax.
Although there are various p[provision in which we can claim deduction of capital gain amount which is arises on sale of long Term capital Assets (36 Months).
We can claim Deduction u/s 54F, 54EC (i.e Bonds of REC, NHAI)
For more details kindly provide complete the information (Date of Purchase, Sale etc)
