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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. asked May 27 '12 at 19:41 by Kapil Arya 1●1 |
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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. answered May 29 '12 at 01:08 by Pankaj Batra 5.2k●3●20 |