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Selling house.

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(Querist)
18 February 2011 I purchased plot for 3L , taken home loan of 7L and used my own money of 7L for constructing the house. Now I need to sell the house for which I am getting 18L. What is the tax implication?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
26 September 2011 Your total cost of acquisition is Rs. 17 lakhs.

If the period of holding is more than 36 months, this cost shall be indexed and such indexed cost shall be reduced from the sale price of Rs. 18 lakhs and the balance will be long term capital gain/loss.

However, if the period of holding is less than 36 months, then Rs 1 lakhs shall be short term capital gain.
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