Capital gain

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sonu (Querist)
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20 July 2012 Dear Experts,

i have sold out a property in oct 2011 worth rs 50 lac & purchase in fab 2012 amount 70 lac in which i have taken loan from bank. in which i paid 40 lac from received from the sale of property & 30 lac as a bank loan.

now the question is i have to pay the tax on balance Rs.10 lac in which included stamp duty & other fee for like bank charges etc.

if yes how i can calculate the amount of capital gain. i really appreciate if some body help me on this.

Thanking you

Suresh Mittal

Suresh Mittal (Expert)
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20 July 2012 First of all transfer charges paid are to be included in cost of assets.
IF you have sold house property then you will be entitles foe exemption u/s 54 and for that investment in another house is to be made out of capital gain and not from the whole consideration.
If you have sold other LT assets than the proportionate gain on new investment would be the amount of exemption u/s 54F.