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Capital gains on sale of flat

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(Querist)
07 September 2011 I bought a 2nd house property which has been registered for 30lakhs in May 2011. This was bought taking a home loan from HDFC.

Now I plan to sell the 1st house property for 54lakhs. what should I do while filing Income Tax? How do I avoid any capital gains on the sale of this property?
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
07 September 2011 Pl. also provide the details of 1st House property.
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Ravikant

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Ravikant (Expert)
07 September 2011 If you sell the 1st House within 1 year of purchase of the 2nd house, then you can claim exemption u/s 54
being the amount of gain or, the cost of new 2nd house, whichever is less
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