Sir,
I am a salaried person working in a government department. I file my IT return regularly and I have my PAN No. also. Sir, I would like to request you to kindly go through the two cases, mentioned below and please enlighten me with your valuable advices.
CASE - I I purchased a flat in 2003 by taking a Home Loan from ICICI Bank. I repaid & foreclosed the home loan in 2009. From 2003 to 2009, I availed Income Tax Deduction on this Loan (i.e. both on Interest & Principal components).
CASE - II I purchased a SECOND flat on 28.09.2011 (Date of Registration) by taking another home loan; this time from SBI. And I SOLD my earlier flat on 14.10.2011 (Date of Registration).
Now, Sir, I would like to know : (1) Can I avail Income Tax Deduction on this SECOND HOME LOAN ? (2) If yes, will it be just like the earlier one [Like both on Interest and Principal component] ? (3) I purchased the new flat for Rs.18,25,000/- (excluding Stamp duty, registration fees etc.) and sold my earlier flat for Rs.14,85,000/- (excluding Stamp duty, registration fees etc.). Is there any CAPITAL GAINS TAX, to be payable ? (Deed value of my earlier flat is/was Rs.4,00,000/-)
Thank you, Rajib
