Hii Friends,
On 23/09/2010, I purchased a Shop for Rs. 2142000/- and given it on Rent.
This Shop has been sold on 24/11/2017 for Rs. 1 Cr.
Immediately, this sale proceeds were used to the tune of Rs. 16 Lacs for Re-payment of Housing Loan & Balance of Rs. 40 Lacs were used to Buy a Commercial Property (Having 3 Joint Owners with 40 (my self) + 40 + 40=Totalling to Rs. 1.20 Cr
Now, question is whether any LTCG exemption will be available or not.
Do, help
T & R
K P Bhanushali
" question is whether any LTCG exemption will be available or not?"
No........ LTCG of about 65 lakhs, taxed at 20.6%.
If home loan repayment was for any residential house purchased after 01.12.2016..... then yes to the tune of cost of the house property. (which I don't assume to be true)
Thanks
K P Bhanushali
Sir,
That tax will after indexation of Cost of Purchase, No ?
T & R
K P Bhanushali
Naturally.
COA ... is Rs. 21.42 lakhs........ when indexed to (272/167)........ is app. 35 lakhs
CAclubindia
