capital gains

i have given power for a consideration and have purchased a flat for value more than the consideration i have recd. but the i have got bank loan for that flat paying balance from consideration i recd. i hink since i have purchased a flat for value more than the consideration i recd., i need not pay the capital gains. i don't have any other residencial flat other than this new one.

old land given for power around one lakh acquired in 1996-97 consideration recd. 17.5 l in jan. 2011 new flat 27.5 l( bank loan 14.6) in year mar. 2011

kindly clarify. arasu.. [email protected]

asked Jul 16 '11 at 04:02 by kta 1111


As you purchased a new residential property for amount more than value of sale consideration, there won't be any income tax payable as per section 54F. Bank loan should not matter in this case.

answered Jul 18 '11 at 18:19 by pankaj 5.2k320

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Asked: Jul 16 '11 at 04:02

Seen: 1,188 times

Last updated: Jul 18 '11 at 18:19