Hi: I bought a residential flat in 2000 for 16 Lakh in joint name with my wife but made 100% payment from my a/c or joint loan (for which all instalments were paid by me). About 10 Lakh was spent on alterations / furnishing in 2000 and then in 2005 (approx 5 lakh each time) from my a/c. Now I am selling it for Rs. 100 Lakh.I have booked a flat in June 2010 in my single name for about 85 lakh, the possession of which is due in September 2013. I have already made a payment of 30 Lakh for this new house (20Lakh loan and 10 lakh self funds). I have following questions.
In order to save LTCG, if I use the Capital gain amount against new house, I have following queries:
Thanks and Regards Anil asked Aug 31 '11 at 00:26 by Anil 1●1●1●1 |
Part 1:
Purchase Year = 2000-01 Alteration/Construction Year = 2005-06 Sale Year = 2011-12 Indexed Purchase/Construction Cost = 2600000 x (785/406) + 500000 x (785/497) = 5816832 Part 2:If possession for new house is not taken before filing of return of year in which capital gains occurred, whole gain amount has to be deposited to capital gain scheme account. Amount from this account can only be withdrawn in form of payment towards new house or after three years by paying income tax on gains. answered Aug 31 '11 at 20:13 by Pankaj Batra 5.2k●3●20 |