Capital gains on sale of flat
This query is : Resolved
Pradita Nambiar
(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?
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?
07 September 2011
Pl. also provide the details of 1st House property.
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
being the amount of gain or, the cost of new 2nd house, whichever is less
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