sales tax

I am having a in Hyderabad India,got registered in 2001 and purchased through bank loan and balance paid through other savings, the amount invested on flat was rs.30lacs and selling price may be 79 lac.I have booked now another flat (keeping in view, I can invest this amount in this new flat) advance paid fom my salary savings rs.20 lacs (new flat cost including registration comes to 90 lacs).I have to pay any capital gains/tax?

asked Dec 19 '12 at 20:44 by hameed 11

You can avail tax benefit u/s 54 and need not to pay income tax on capital gains. In case new flat cost is more than long term gains from old flat sale and possession of new flat is taken within time frame of one year before sale of flat and two year after sale.

answered Dec 21 '12 at 18:52 by Pankaj Batra 5.2k320


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Asked: Dec 19 '12 at 20:44

Seen: 1,457 times

Last updated: Dec 21 '12 at 18:52