Long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2014 Can anyone pls help in solving this query on long term cap gain

House property 1 purchase : May 2007
Cost of property : approx 20 lacs
Planning to sell in June 2014
Market value of property 7216000
Approximate sale price of property will be 9000000

Planning to repay the loan of another property 2purchased in February 2013

Query: can housing loan on property 2be repaid.
How much will be long term capital gain.
Will there be any benefit of section 54

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 May 2014 you need to calculate the indexed cost and reduce the same from the sale consideration to arrive at the tax liability.

since the house purchased more than a year ago, no exemption can be claimed against this property purchased in February 2013. You need to purchase an additional property to claim exemption under section 54.

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