Real Estate long term capital gain on Sale/buy of PLOT

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  1. N Nallusamy

    N Nallusamy New Member

    I bought a residential plot in April 2013 for 35 Lakhs. I sold a residential plot in december 2013 for 38 lakhs which was bought for 1 lakh during 1997. What is the capital gain tax I have to pay?. Both are residential plot.
    I own one residential house which is self occupied.
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    Cap Gains on sale of Residential Plot

    Indexed Cost of Acquisition = 1 Lakh * 939/100 = 9.39 Lakhs
    Sale Price = 38 Lakhs
    Cap Gain = 29.61 Lakhs

    As you have sold a Residential Plot, therefore you cannot claim capital gains exemption under Section 54. In case you had sold a residential house - exemption under Section 54 would have been available.
     
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