In financial year 2016-17 I sold my flat in 24 lakhs after clearing of my housing loan I gain 16 lakhs which I invested in purchase of my new flat that finalized immediately after sold out my old flat.for new flat I borrowed fresh housing loan.
I would like to know, how I mention the above said transactions in my income tax returns.do I liable to pay any capital gain tax if it then how much.my purpose of selling or purchase not for investment but for upgration of my living.
Though the purchase cost & year of purchase of the property sold is not provided....... but assuming it to be held for more than 3 years and indexed cost of aquisition more or equal to 8 lakhs........
No tax liability would arise as you have invested in new house property which can be claimed as exmpt u/s. 54. (the exemption can be claimed in Capital Gain schedule of ITR for AY 217-18)
T R SOOD & CO
New Delhi
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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