we have sold our flat at mira road for 26 lac which was bought for around 6 lac in 2000 but thru a loan,,which is now been closed, now we are using that money to buy a new house at grant road for 37lac but that is not considered a flat (i think not sure )though it is in an old building, but the toilet is a common one on all the floors, now how much tax do i need to pay for that, and if possible how should i save the tax, kindly advise
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Flat sold to buy another, how to save tax
Replies (1)
The sale of your flat has resulted into Long term Capital Gains to you .
Long term Capital Gains is calculated as follows :
Sale value of flat 26,00,000
Less : Indexation benefit [ 6,00,000 x 785/406 ] 11,60,098
LTCG 14,39,902
In order to avail the taxation benefiit you need to Invest the LTCG amount i.e 14,39,902 in buying the Grant road property ...
The other way of availing the Taxation benefit is to invest the LTCG amount in the Capital Gain account scheme which has a lock in period of 3 years ....
ok ..
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