Capital gain regards sales of asset.
This query is : Resolved
sudalay dhas
(Querist)
01 June 2016
Dear Experts,
Now i have constructed and completed a new house. Total cost of construction is RS. 25,00,000. By hand money Rs. 10,00,000 and borrowed from SBI Rs. 15,00,000. Then i sold my old house Rs.40,00,000 after construction of my new house. now my query is below.
1. Should i pay any tax on this Rs. 40,00,0000 ?. If Yes, what is the process of calculation?
2. Any exemption or deduction will i get ?
Now i have constructed and completed a new house. Total cost of construction is RS. 25,00,000. By hand money Rs. 10,00,000 and borrowed from SBI Rs. 15,00,000. Then i sold my old house Rs.40,00,000 after construction of my new house. now my query is below.
1. Should i pay any tax on this Rs. 40,00,0000 ?. If Yes, what is the process of calculation?
2. Any exemption or deduction will i get ?
CA Sumit Shah
(Expert)
01 June 2016
first of all provide date of sale and date of completion of construction of your building so as to know whether gain arising comes under short term / long term capital gain
Dhirajlal Rambhia
(Expert)
16 October 2021
If the house sold had been held by you, for at least 3 years, then you are eligible to claim exemption u/s. 54, subject to fulfillment of conditions of the section.
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