Tax benifit for long term capital gain tax when sold a flat

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.

asked Mar 14 '12 at 00:26 by BIKRAM 1112

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.

answered Mar 14 '12 at 23:30 by Pankaj Batra 5.2k320


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Asked: Mar 14 '12 at 00:26

Seen: 1,830 times

Last updated: Mar 14 '12 at 23:30