Long Term Capital Gain on sale of property

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1 Points Posted on 31 July 2020

I have sold my residential flat for Rs 42 Lakhs and I am arising 35 Lakhs as LTCG.

My query is I want to buy a new flat for self-occupation for Rs. 49 lakhs for which I am taking a bank loan of Rs. 25Lakhs and the remaining 24 Lakhs is a self contribution. and 18 lakhs for investment in my business.

Should I have to pay tax on Rs. 11 Lakhs ( 35 - 24 ).

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On 31 July 2020 at 11:20 Report
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3235 Points Posted on 31 July 2020
Yes you need to pay tax at 11 lakh as you only invested Rs 24 lakhs from total sales consideration
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On 31 July 2020 at 11:37

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