TOTAL AREA OF PROPERTY 1800 sq.ft. ASSESSEE PURCHASED A SHOP FOR Rs. 8, 50, 000/- FROM HIS DAD WHICH WAS PART OF THE HOUSE PROPERTY (AREA120 SQ.FT.).HE TOOK A HOME LOAN OF 60L AND GAVE IT TO HIS BROTHER IN LIEU OF HIS SHARE IN THE PROPRTY. NOW HE IS THE OWNER & HE SOLD THE PROPERTY INCLUDING SHOP FOR 1.5 CR AND PURCHASED A NEW PROPERTY FOR RS. 85, 50, 000.ALSO HE REPAID LOAN OUT OF CONSIDERATION RECEIVED (1.5CR).CALCULATE THE CAPITAL GAIN.
DATE OF SALE : 26.09.2019
DATE OF PURCHASE OF NEW:18.01.2020
DATE OF SALE OF SHOP: 23.07.2016
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Capital gain
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After calculation no capital gain...not liable to pay anything on this transaction
What is the Cost of acquisition of the full property and in which year was it purchased then only we can decide if to compute long term or short term capital gain ?
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