Sir, I had purchased a flat in 2003 costing 8 lakhs and that was sold in Nov'11 at 16 lakhs after repaying the home loan. Before that in May'11 I had purchased another flat costing 23 lakhs taking another home loan. Will it attract long term capital gain tax and how much? Please suggest.
1 Answers
As you already bought another flat with cost more than long term gains earned from old flat sale, there won't be any income tax payable on gains u/s 54.
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