Sell of Residential flat

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21 Points Posted on 19 April 2017

Hi ,

I have only one house in Nallasopara which I bought in 2008 by the help of home Loan and sold in 2017 and home loan also paid by that money, now I am residing in rental home. Will that money which I received will attract any Tax. If yes Please suggest what I need to do further to avoide any inconveyance in future.

Thanks,

 

 

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On 19 April 2017 at 23:52 Report
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2402 Points Posted on 20 April 2017
The money you received on account of sale proceeds would be subject to Capital Gains Tax @ 20% subject to capital gains calculation. If you want to avoid paying tax then calculate the Capital Gain or Loss arising on the transaction and fulfill conditions mentioned US 54 of the Income Tax Act 1961. File your Income Tax Return disclosing the Capital Gain or Loss to claim benefits.
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On 20 April 2017 at 00:21

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