LCTG on flat sale
This query is : Resolved
20 August 2023
I bought a flat for 2 million INR in 2014. The flat is sold for 7 million INR in 2023.
When filing returns how much I need to pay as tax on LTCG ? To avoid paying tax can I invest the tax gains in purchasing stocks ?
Please advise.
When filing returns how much I need to pay as tax on LTCG ? To avoid paying tax can I invest the tax gains in purchasing stocks ?
Please advise.
20 August 2023
I don't think by purchasing stocks we can avoid LTCG. Please read the article for computation of taxes https://www.bankbazaar.com/tax/how-to-calculate-capital-gains-tax-on-house-sale.html
21 January 2024
If we include EMI then it will be double accounting here as FLAT Cost of 2M ALREADY includes the total amount payable for the flat purchase
https://taxguru.in/income-tax/interest-part-cost-property-eligible-indexation-deduction.html
https://taxguru.in/income-tax/interest-part-cost-property-eligible-indexation-deduction.html
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