I purchased a flat in Mumbai in 1987 for Rs. 7.7 lakhs. In 2015,the buildingwent for redevelopment. The construcion is not yet completed and pocession is expected in Dec. 2020. I intend to sell off this flat before pocession. Sale piice will be approx. Rs. 4 Cr. Will this attract LTCG Tax? If i purchase another flat for Rs.2Cr, will the balance attract LTCG Tax? How is it calculated.
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Capital Gains Tax
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Yes the balance 2cr will be liable for tax
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