Sale from a flat
This query is : Resolved
sarabjeet singh
(Querist)
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
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
(Expert)
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
AND YOU CAN PAY PROPERTY B FROM SALE PROCEEDS OF A PROPERTY
sarabjeet singh
(Querist)
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
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
(Querist)
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
22 July 2025
https://docs.google.com/document/d/1J2o8Z0sKGyLt1FcsfVPzsJzUuAfCSH_REQMxiwM53jg/edit?usp=sharing
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