Capital gain on House sale
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2010
Hi,
I bought a house in April 2007 worth INR 8.2 lakhs and spent another 30000 on registration charges etc etc.
Bank loan taken is 6.4 lakhs and INTEREST paid till date is 2.0 lakhs and Pre EMI of 38000
Planning to sell the house at 15-16 lakhs
Request to update me about capital gain on the same.
I bought a house in April 2007 worth INR 8.2 lakhs and spent another 30000 on registration charges etc etc.
Bank loan taken is 6.4 lakhs and INTEREST paid till date is 2.0 lakhs and Pre EMI of 38000
Planning to sell the house at 15-16 lakhs
Request to update me about capital gain on the same.
Lalit Maheshwari
(Expert)
30 August 2010
In this traansaction there is long term capital gain
your cost of acquisation is 8.50 which would be indexised
As far as Loan is concerned there is no relationship with Capital Gain
your cost of acquisation is 8.50 which would be indexised
As far as Loan is concerned there is no relationship with Capital Gain
CMA Arif Farooqui
(Expert)
31 August 2010
agreed and continuing you can claim exemption of capital gain us 54 and 54 EC.
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