Capital gain treatment

Tax queries 172 views 1 replies
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STUDENT
188 Points Joined January 2016

I have Purchased a new house in A.Y.14-15 for 15,00,000

now in A.Y.2015-16 i sold my old House for 10,00,000/-

Cost of House was 8,00,000/-(after Indexation)

Addtional Info

1.i have taken Loan of 10,00,000 for purchase of that new House mention above.

2.interest is 12%

Question is...what will be the tax treatment for this ?

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On 09 March 2016 at 18:48 Report
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Student
60 Points Joined February 2014
Nil capital gains. Exemption can be claimed under section 54 as you have purchased another house property within the time limit. Further, interest on house loan can be claimed as deduction u/s 24 and principal repayment can be claimed u/s 80c.
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On 09 March 2016 at 23:51


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