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Tax on sale of flat

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2016 Flat sold on 16.06.2016 for an amount of Rs.21,25,000/-.
Full amount utilized for repayment of another housing loan related to self occupied property
Year of purchase is 2006 June; Value is Rs.7,34,000/-;
Modification done -- electrical work done for Rs.25000 in 2006; woodwork for Rs.50,000/- in 2007;
drinking water motor replacement Rs.5000 in 2007 and Rs.4000 in 2011;
painting (both wall and doors/windows) Rs.18000/- in 2009 and Rs.28000/- in 2013;
Maintenance expenses monthly paid @ Rs 200 from Jan 2007 to Dec2008 (Rs4800), @ Rs.350/- from Jan 2009 to Dec 2010 (8400), @ Rs.500/- from Jan 2011 to Dec 2013 (18000); @ Rs.800/- from Jan 2014 to December 2015 (19200), flat is vacant from Jan 2016 onwards.

Required how much Capital gain tax will come & how we need to pay, assesses is a salaried employee

22 August 2016 Indexed Cost of Acquisition = 1125 /519 X 734000 = 15,91,040
The expenses you listed may NOT be regarded as IMPROVEMENT.

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2016 Dear sir,
While using such entire consideration for repayment of housing loan will not be considered for any exemption?
If not considering for exemption, how need to pay the capital gain tax?
There fore, Capital Gain will be= 2125000-1591040=533960
Tax on Capital gain = 533960*20%=106792
Is it required pay as Advance tax?




22 August 2016 Yes. Advance tax to be paid.....15/9/2016, 15/12/2016 and 15/03/2017

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2016 Dear Sir,
Full Consideration used for making payment to housing loan settlement for which house construction is completed one year before, is it not possible to consider for any exemption?

24 August 2016 Purchase : 1 year before or 2 year's after the date of transfer
Construction : within 3 years after the date of transfer

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 August 2016 Using this consideration for renovation of existing house amounts to construction, please advise

25 August 2016 No.....it does not amount to construction as contemplated in the section.




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Querist : Anonymous

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Querist : Anonymous (Querist)
25 August 2016 Sir,
One house is started construction one year before and now the construction is going on and used capital gain for such construction to complete, is it considered as exemption?



25 August 2016 please give the dates of the NEW asset, so as to give the answer.......



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