capital gains - purchase of house prior to sale of property

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This query is : Resolved

r.kulasekar (Querist)

22 April 2009 Mr. A purchased a flat for rs. 35 lakhs for which he made payment in 2 installments - rs. 17 lakhs through a bank loan and the balance through the proceeds from the sale of a residential house. he eventually bought another house with the balance money, and invested a small part of it in an agriculturral land. the loan got for purchase is still there. the flat was piurchased before the house was sold. the second house was purchaesd after the sale. Can both the houses be shown as investement of sale proceeds for the purpose of capital gains? and how should the loan be treated?

further details:

Sale of House property : 15/2/2007 : Rs. 75 Lakhs

House No. 1:
* Construction Agreement for the flat : March 2005
* Loan taken for the flat : March 05: Rs. 17.50 lakhs
* Balance amount paid for flat : 20/2/2007 : Rs. 23 lakhs
* Possession of Flat taken : 8/5/2006

House No 2:
* Payment and Registration : 24/4/2007 : Rs. 36,07,600

Agricultural Land:
* Purchase of land : 5/3/2007 : Rs. 16.50 lakhs

Can we claim exemption for capital gains?

Brij Bhushan Sangal

Brij Bhushan Sangal (Expert)

22 April 2009 Please specified your question , amount wise detail with date of every transation required.

r.kulasekar

r.kulasekar (Querist)

23 April 2009 Sale of House property : 15/2/2007 : Rs. 75 Lakhs

House No. 1:
* Construction Agreement for the flat : March 2005
* Loan taken for the flat : March 05: Rs. 17.50 lakhs
* Balance amount paid for flat : 20/2/2007 : Rs. 23 lakhs
* Possession of Flat taken : 8/5/2006

House No 2:
* Payment and Registration : 24/4/2007 : Rs. 36,07,600

Agricultural Land:
* Purchase of land : 5/3/2007 : Rs. 16.50 lakhs

Can we claim exemption for capital gains?