Capital gain calculation - urgent!!!

Assessee "A" purchased flat from Builder "B" for 27 lacs with a home loan of 25 lacs.

A could not pay balance amount of Rs. 400000 to the builder. 

A sold the flat to Buyer "C" for 36 lacs. 

C is paying balance amount of 4 lacs to Builder "B" directly as own contribution. C is taking out home loan of 32 loans.

A is also purchasing a new flat for 28 lacs with home loan of 24-25 lacs. 

 

What is the Capital Gain chargeable to A??

Replies (4)
8 lakhs is capital gain for A
if A is eligible of exemption u/s 54 then capital gain in hands of A is nil , other wise it is 9 lacks considering that A holds the flat of less than 24 months

Will A get exemption under Section 54??

1) Capital Gain to A = Sale consideration charged to C(Rs.36Lakhs) Less:Indexed cost/normal cost(as per holding period) (indexation available only to cost..if he could not pay Rs.4lakhs no indexation available to that portion as per my opinion...).........From FY 2017-18 onwards(if the above mentioned flat told by you has been purchased after 31/03/2017 then 24months to be taken in place of holding period on behalf of 36 months for period classification)...................2) sec 54 exemption will be available (purchase of another residential house property if the sale is house property (time period - 2years) ...exemption will be available only to capital gain (but not to the full sale consideration)....Tax @ 20%+surcharge(as per assesse slab rate)+EC&SHEC(inclusive of surcharge)......

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