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cpaital gains tax

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(Querist)
11 September 2010 I have bought a flat one year back for 60 lakhs and am planning to sell my vacant site for 40 lakhs and repay the loan i had taken on the flat. Should i pay capital gains tax. please advice. URGENT
Sridhar
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 September 2010 If the vacant land is urban, its sale attracts capital gains irrespective of the fact that the proceeds are used to discharge a loan on another property.
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