cpaital gains tax
This query is : Resolved
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
Sridhar
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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