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
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
(Expert)
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.
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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