Capital gain tax on sale

Kapil Arya 1
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I have flat in Pune, purchased in 2001 for Rs 1050000/-. Now want sell it for about Rs 5400000/-in 2012. I have booked the flat in Pune for Rs 5000000/- out of which I have paid Rs 507125/- by Feb11, Rs 800000/- on 19 May 11, and then taken Loan from SBI and paid Rs 799000/-on 19 Jul 11, Rs 799000/- on 16 Feb 12.In total I have paid 1306125/ from my resources and Rs 1598000/- from SBI Loan. now I have to pay around 2000000/- in instalments till Dec 13.

How can I show the Capital gain to save complete Tax.

section-54 capital-gains income-tax
1 Answers

You would earn around 33 lakh as capital gains from old flat sale. So as new flat cost is more than gains amount, there won't be any income tax payable u/s 54.

Possession for new flat should be taken within one year before and two years after sale of old flat.

Pankaj Batra5212
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