capital gains

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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]

1 Answers

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.

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