Query regarding Long term Capital Gain tax

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  1. arora.pr

    arora.pr New Member

    If I sell my house at Rs. 45.00 lacs in 2014-15 which was purchased by me in 1997-98 at a cost of Rs. 6.5 lacs, the capital gain comes to [45- (6.5 * 1024/331)] = Rs. 24.9 lacs (approx.).
    Now if I use Rs. 15.00 lacs (out of Rs. 45.00 lacs) on the marriage of my daughter and I use Rs. 30.00 lacs for constructing a house in next one year, am I supposed to pay any tax?
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    You are only required to be investing Rs. 24.9 Lakhs in either purchasing a Residential House property or on construction of a House property.

    You are free to spend the rest of the amount anywhere.

    As you are investing more than the specified amount in construction, therefore you are not required to pay any tax in this case.
  3. arora.pr

    arora.pr New Member

    Thanks, Sir
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