Capital gains on house property

This query is : Resolved

PRAKASH V (Querist)
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23 July 2012 My father settled 2687 Sq Ft land in my favour in 1979.

I constructed a house in 1981-82 by availing Staff Housing Loan of Rs.55000/-

Additional Construction in 1984-85 with a loan of Rs.20000

Improvements in 1987-88 with a loan of Rs.35000

Additional construction in 1991-92 with a loan of Rs.40000

Improvements in 1998-99 with a loan of Rs.150000

Improvements in 2001-02 with a loan of Rs.149300

Repairs in 2008-09 with a loan of Rs.600000

Totally I have taken Rs.1049300 over a period of time as mentioned above.

In 2012-13, I sold the property to a builder for a consideration of Rs.85 lakhs cash and a flat measuring 1300 Sq Ft. The value of the flat will be around Rs.75 lakhs. With that cash, I have purchased a villa for Rs.75 lakhs. Will I be subject to capital gains tax. If so, what is my tax liability.

Prakash

Subramanian natarajan

Subramanian natarajan (Expert)
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24 July 2012 This is a complicated case involving capital gains/gift tax. Even if some one may help you in arriving at tax liability, he can't defend you in case of any queries from income tax authorities. Kindly consult a reputed Chartered Accountant to file your tax return and help with tax authorities.

PRAKASH V

PRAKASH V (Querist)
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24 July 2012 Thank you Mr Subramanian Natarajan. Can u please suggest someone in Chennai who is expert in Long term capital gains for House property.

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