Hi,
My friend aged 75 has sold his flat for 60 lacs and then purchased a flat for 45 lacs. On the surplus of 15 lacs
what is the capital gains tax? He will be further investing this 15 lacs in a Bank FD for his future needs.
Secondly in the deal of sale, buyer made part payment of 40 lacs with his own fund
and handed over the loan disbursed amount of 40 lacs against which he has to return
20 lacs. While issuing the return cheque of 20 lacs to the buyer, will the bank levy any tax or duty?
regards,
Rajesh
CAclubindia
