Dear Friends
I have purchased a property worth 50Lakh (including Stamp Duty and Registration) on 15th Nov 11 and sold my old property for Rs.4670000/-. on 13th Jan2012 (this I had purchased on 21st Jan 1983 for Rs.79500/-).
Do I have to pay any Capital Gain on the amount and how much? will my purchase of new flat get adjusted with LTCG coz both the property is for Residential purpose and I am using it.
Please reply
Thanks
Pinakin
you can avail deduction on LTCG on sale of flat under section 54 if you acquired new residential house 1yr before or 2yr after transfer of flat on which cap gain arise
Quantam of deduction should be
amount of capital gain
or
amount invested in new flat
which ever is lower
No question of capital gain tax as buy price > sell price
if you bought by loan+cash 50 lacs and paid that through sell proceed it OK
any how you need tell IT that you proceed buy transaction through sell proceeds
CAclubindia
