Ltcg tax on sale of property

This query is : Resolved

Chandrashekhar Chandvale (Querist)
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23 February 2014 We have bought residential flat in Mumbai Subburb in May 2002 at consideration of Rs.14 Lakhs + 70000 Stamp Duty + 30000 Registration Charges+ 28000 Brokerage paid to ICICI home search+ 15000+ Share transfer fee to Society.
We have time to time made renovation to the flat amounting Rs. 9 Lakhs.
Now we ( My self + My wife) wants to sale the said flat.The sale consideration is approximately Rs. 1 Crore.
We will be opening the Capital Gains Saving A/c in nationalised banks separately.
What will be the tax position in case we purchase a new residential flat in Hyderabad for Rs.50 Lakhs.
We request to give us clear picture if long term capital gains tax and other tax formalities of this transaction.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2014 well assuming you did renovation in FY 2006-07, you have around Rs 52 lakhs as capital gains. if you buy flat worth Rs 50 lakhs, you would have only Rs 2 lakhs as capital gains.

the amount spent on brokerage, registration etc shall be included and therefore, capital gains may further reduce..

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