Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2016 Hi Sir,

I have a flat in Bangalore and got possession from Developer in Nov 2010 after paying Rs 58 Lakhs.

Selling price August 2016 - 1.02 Cr.

Loan Amount - 46 Lakhs and interest paid every year.
Other expenses - maintenance of Approx. Rs 50,000 per year

How would the capital gains tax calculated? If so on how much and what would that be approximately. I am buying a property in UK and can this amount be used to buy property in UK to avoid tax?

Can i get tax benefit if i invest the amount of capital gain in UK to buy property?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 August 2016 1.02 minus indexed cost of 58 is capital gains.
Loan and other expenses has no relevance for CG
Reinvestment in UK will not help for CG tax savings.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2016 Hi Sir,

Thank you for your Quick response....

But i have a doubt. Can't we deduct maintenance expenses of Rs. 50,000 incurred per year for flat from selling Price taking it as improvement cost ?

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