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Capital gain on House sale

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Querist : Anonymous

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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.
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Lalit Maheshwari

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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
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CMA Arif Farooqui

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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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