Can i use the gain received in june 2017 to pay dec 15 loan

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Hi

 


I had bought a house in Goa in the year 2008 for Rs 12 lakhs. Now the market value of the flat is around 30 lakhs, and I am selling this house for Rs 28 lakhs in June 2017
I still have around 5 lakhs of housing loan left to be paid for this house

In this case, what will be the capital gain that I incur for the sale which I am doing. And the balance amount which I recieve (28 lakhs - 5 lakhs Outstanding house loan = 23 lakhs) how should I take that amount. Can the buyer/bank give me one cheque of Rs 23 lakhs, and if I get it where should I deposit it. In my Savings account, or should it be in any other special account.
Also, in the 23 lakhs how much amount can I use for my personal purpose without attracting Tax.
The procedure on how to do this will really help me in this regard

I have brought one more property in December 2015. From the gain received in June 2017, how much I can pay to the new Housing loan, so that I do not have to pay any tax. And is there any timeline before which I need to use the amount which I receive


Regds,
Thanks,
Deepak

Replies (1)

You will be required to pay about 80K as long term capital gains, when you sell the property for 28L. There is only one option to save the tax i.e. invest Rs. 4L in Capital Gains bonds(section 54EC) for 3 years.

The rest of the amount you are at liberty to use as per your needwish.


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