Capital gains deduction

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Nidhi (Querist)
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20 March 2014 I have a client finalisation to do. He has sold his self occupied property a flat which he sold during f.y. 12-13.
But before selling this property he had bought another property which is now self occupied by him.
I want to know how the tax will be charged. Whether on normal tax slab rate or any other percentage.

And whether there is any deduction he can get on the property sold.(capital gains)
The flat sold is purchased on 1/7/2000.

Can deduction be claimed if the new flat is purchased before old flat is sold?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 March 2014 i believe similar query was raised by someone else with same facts. As was answered before, this transaction shall be covered under section 54.

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