Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2012
Hi Friends,
I have sale a property in delhi & with in 2 month i have purchase a property in gurgaon which came with some loan from bank.
like my sale property value + my saving + bank loan = new property.
now the question is it taxable and we have to shown this amount in our itr. if yes where i can take this amount & the calculation for that.
Thanks in Advance my friends
I have sale a property in delhi & with in 2 month i have purchase a property in gurgaon which came with some loan from bank.
like my sale property value + my saving + bank loan = new property.
now the question is it taxable and we have to shown this amount in our itr. if yes where i can take this amount & the calculation for that.
Thanks in Advance my friends
21 July 2012
1. The income from sale of property is taxable under the head Income from Capital Gain.
2. Since you have invested in a new property (assuming it is a residential house property), you can avail exemption u/s 54/54F.
2. Since you have invested in a new property (assuming it is a residential house property), you can avail exemption u/s 54/54F.
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