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LCTG on flat sale

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apro (Querist)
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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.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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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

apro (Querist)
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20 August 2023 Can the cost price of flat include EMI paid ?

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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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

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