section 54
This query is : Resolved
24 February 2009
I sold house in jan 2008 for Rs. 22,00,000 and long term capital gain was 18,00,0000 out of which 13,00,000 given for flat in TDI, Sonipat still under construction, balance 9,00,000 deposited in capital gain account scheme bank account
now i wish to sell the flat in TDI for 14,00,000 and wish to buy another flat in delhi
pl guide my tax liability
if i have to pay tax on earlier gain of 18,00,000 or
if i can set off loss of new house of TDI from gain of oldest house or
since i am buing the new ultimate house within 2 year there would be not implication
Sanjeev Jain
9811274429 Delhi
now i wish to sell the flat in TDI for 14,00,000 and wish to buy another flat in delhi
pl guide my tax liability
if i have to pay tax on earlier gain of 18,00,000 or
if i can set off loss of new house of TDI from gain of oldest house or
since i am buing the new ultimate house within 2 year there would be not implication
Sanjeev Jain
9811274429 Delhi
25 February 2009
Sanjeev,
In your case there are two situations:
01. Gain from sell of flat at sonipat i.e. 1L will charged at Short term capital gains.
02. Earlier Exemption from investment at sonipat will taxed as Long term capital gains in the year of sale.
In your case there are two situations:
01. Gain from sell of flat at sonipat i.e. 1L will charged at Short term capital gains.
02. Earlier Exemption from investment at sonipat will taxed as Long term capital gains in the year of sale.
25 February 2009
thanks mr soni
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