Capital Gain

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.

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.

Dear Sir,

Thank you so much!!!