Regarding ltcg on residential flat
This query is : Resolved
10 November 2012
Dear Sirs, I own a residential flat which acquisition Price As on 19/12/2009 was Rs. 7,00,00/- as per Sale agreement.
Now I want to sale it on 20/12/2012 @ Rs.26,50,000/-
Now I`v a question that how much is the capital gain & the purchaser is asking for full agreement of Rs.26,50,000/- which I think must be less.
Now Please inform me that if I purchase a new Flat of Rs.19 lakhs or Rs.20 Lakhs then what amount of agreement should be made for the Old Flat?
Now I want to sale it on 20/12/2012 @ Rs.26,50,000/-
Now I`v a question that how much is the capital gain & the purchaser is asking for full agreement of Rs.26,50,000/- which I think must be less.
Now Please inform me that if I purchase a new Flat of Rs.19 lakhs or Rs.20 Lakhs then what amount of agreement should be made for the Old Flat?
CA PARAS BAFNA
(Expert)
11 November 2012
The Long Term Capital Gain arising is
2650000-(700000*852/632)=1656329
.
As the cost of new asset is more than the capital gains, you may enter into a sale agreement of Rs. 26.50 lacs.
.
2650000-(700000*852/632)=1656329
.
As the cost of new asset is more than the capital gains, you may enter into a sale agreement of Rs. 26.50 lacs.
.
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CA VISHNU GAVKARE
(Expert)
12 November 2012
Agreed with Paras Sir.
No tax liability if u invest in new house.
No tax liability if u invest in new house.
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