POSTED BY August 23, 2012 1:56 pm ONE COMMENT
ONIf I buy a plot for Rs. 10 lakhs and sell it at Rs. 15 lakhs. But buy another plot for Rs. 15 lakhs.
Pl.let me know if I’d be required to pay any tax like income tax ,capital gains tax or any other tax on my profit (on 15lakh -10 lakh=5 lakhs).
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Dear Rishi, what ‘ll be your holding period for this 10L Rs. plot ‘ll decide the income tax liability on that 5L Rs. amount. Investing in another plot of 15L: Rs. ‘ll not save you any tax.
Thanks
Ashal