Capital gains on sale of flat
This query is : Open
09 December 2014
I sold my flat which was purchased in aug 2008 in may 2014.The purchase price was 22LakhThe interest on loan was approximately 4LakhThe sale price is 41,50,000How to calculate capital gains or loss.Can capital loss be adjusted from current years tax liability from salary ?Pl help
20 December 2015
Your capital gain will be Rs 2.80 lakhs [ 41,50,000 - 3870790 (indexed cost -22,00,000 *1024/582) Index value of FY 2014-2015 was 1024 and for FY 2008-09 was 582 . Interest on loan cannot be added to cost of acquisition but can be deducted from income under section 24b. each year during the tenure of loan.
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