Tax on sale & purchase of residential flat

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Maheshchandra (Querist)
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06 October 2015 I purchased a flat in May-2003 for Rs. 450000 and sold it in June 2015 for Rs. 2500000. And in Sept.2015 I purchased a flat for Rs. 1700000. Now what are my tax liabilities

Amol S Joglekar

Amol S Joglekar (Expert)
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06 October 2015 cost inflation index for financial year 2003-2004 is 463 and that of 2015-2016 is 1081

indexed cost of flat =Rs450,000 X1081 / 463 =Rs.10,50,647

Long term capital gain = 25,00,000-10,50,647 = 14,49,353

Since you invested in new house property worth 17,00,000, you can claim exemption u/s 54 and then there is NO long term capital gain TAXABLE

Amol S Joglekar

Amol S Joglekar (Expert)
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06 October 2015 https://www.incometaxindia.gov.in/Pages/utilities/Cost-Inflation-Index.aspx

you may follow this link if you want.

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