Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

28 August 2012 The cost of the new flat is eligible for deduction u/s 54 while computing capital gain on the sale of old property.

This is because the property has been purchased during 1 year before the date of sale.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vinod Patil

SANJAY GAIROLA

Rajat Khandelwal

CA. Urmila Mahalwal

velichety.l.narasimharao

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Accountant