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Income tax on residential house sale

This query is : Resolved 
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(Querist)
19 April 2017 Hi,

I am a software engineer and my salary falls under 30% slab and I am availing tax benefit on Home Loan.

I purchased a house in May 2012 for 38.4 lakhs through Home Loan. Now I am planning to sell my house for 120 lakhs in May 2017.
Also I am planning to purchase an another house for 75 lakhs(land with old house) + 5 lakhs (registration charges)
so do I need to pay any tax for rest of the amount? Please suggest.

Thanks,
Rajendra
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 April 2017 No need to pay any tax on the rest of the amount.
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