Capital gain

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2012 Hi ,

I registered a new flat in Nov 2010 and sold my old property in Jan 2011. After that I am repaying the new proprty home loan from the amount that I received from old proprty. Will I get any Tax benefit and how to apply ? Is it short term or long term gain, if any ?

Old property was purchased in Sep 2007. So it was holded for more than 3 years

Thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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24 August 2012 the period of holding of old property will decide whether or not it long term or short temr.

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2012 I have mentioned the period of holding old property. please suggest. And also let me what are the steps to proceed.. do I need to visit CA/Bank and what documents are required ?

Amol S Joglekar

Amol S Joglekar (Expert)
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29 August 2012 The gain is 'long term'... as the period of holding is more tha 36months. You may claim exemption u/s 54 as the new flat is purchased 1 year before the sale of old falt. The repayment will qualify for 80C.. interest will qualify for loss from house property.

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