Capital Gain tax liability
This query is : Open
21 September 2017
I bought 1 bhk in year Aug 2013 with
1. flat cost - 2728000
2. Stamp Duty- 136400
3. Registration - 27280
4. other expenses like safety door and grill: 30000(but paid by cash)
Due to some financial issue in year 2017 i want to sell this flat at 3875000.
(Note: I have total 3 flat, 1. bought in 2009 got possession in 2014, 2. bought in 2012(the one which I want to sell) 3. bought last month Aug 2017
Question:
1. what will be capital gain tax i need to pay after indexiation.
2. if I invest all capital gain to repay loan for the flat purchased in Aug 2017, can I save the tax
Thanks for the reply
21 September 2017
In note I have explained that I have 3 flat and one i want to sell
21 September 2017
1.Your long term capital gain will be zero. So no need to pay tax
2.No tax exemption allowed on payment of flat.You can claim deduction u/s 80C for principal payment of house loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- Gst Sales of FY 2023-24
- Whether still royalty
- Legal heir raised refund , but refund issued to the closed account of deceased.
- GST Annual Returns filing due date
- TDS NUMBER SURRENDER
- Need help with business structure for setting up a new business
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
