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)
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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.

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