Sale from a flat

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sarabjeet singh (Querist)
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12 April 2014 Hi I have a flat A which was purchased 3+yrs back for Rs 25 lacs and i now want to sell it for Rs 40 lacs. I have additionally purchased an Under contruction flat B where i need to pay additional 15 lacs.

I have 3 queries:
1. What is the amount that i need to reinvest to avoid paying long term gain as per income tax for sale of Flat A

2. Can i use the amount recd from the sale of Flat A to pay for the balance payable towards Flat B

3. Is it mandatory to reinvest the complete 40 lacs from Flat A in a property or can i invest them in gold etc as well

thanks

Rupesh Jain

Rupesh Jain (Expert)
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12 April 2014 YOU CAN INVEST CAPITAL GAIN IN NEW PROPERTY THEN YOU ARE NOT LIABILE TO PAY TAX.
AND YOU CAN PAY PROPERTY B FROM SALE PROCEEDS OF A PROPERTY

sarabjeet singh

sarabjeet singh (Querist)
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12 April 2014 kindly reply to my 1st question

What is the amount that i need to reinvest to avoid paying long term gain as per income tax for sale of Flat A 2. is it only the gain (40lac-25 lac) or complete 40 lacs

sarabjeet singh

sarabjeet singh (Querist)
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12 April 2014 kindly reply to my 1st question What is the amount that i need to reinvest to avoid paying long term gain as per income tax for sale of Flat A 2. is it only the gain (40lac-25 lac) or complete 40 lacs