An individual, bought land as well Flat at a same time, he bought the flat through bank loan. Some time later he sold his land and settled the home loan.
Here he has only one house, up to my knowledge he don't have to pay capital gain. Please clarify me my assumption is right or not?
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Capital Gain
Replies (8)
As per me there will be short term capital gain
further details required to answer your query such as date of purchase and date of sales of flat. date of sales of land. purchase consideration of flat and sale consideration of land
Hi Sir,
He bought a land and Flat on year 2010. Land cost is Rs 10,00,000/- and flat cost is Rs 30,00,000/- (Purchased through bank loan). On 2016, he sold the land for 22,00,000/- with this amount he settled the home loan.
Please clarify me whether he will be falls under Long term Capital Gain?
On his name he has only one flat.
yes, This would fall under the long term capital gains .
Thank you so much for the information.
I understood, settlement of exsisting home loan will not help him for CG, In this case he has to purchase another home, then capital gain wouldn't arise.
Thank you so much for the information.
I understood, settlement of exsisting home loan will not help him for CG, In this case he has to purchase another home, then capital gain wouldn't arise.
you have to pay ltcg on the aforementioned transfer
Dear Sir,
Thank you so much!!!
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