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
RMA And Associates LLP
New Delhi
CA Inter
View Details
HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
View Details
AJAY SINGH AND CO LLP
Thane
CA Final
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
