07 September 2011
I bought a 2nd house property which has been registered for 30lakhs in May 2011. This was bought taking a home loan from HDFC.
Now I plan to sell the 1st house property for 54lakhs. what should I do while filing Income Tax? How do I avoid any capital gains on the sale of this property?
07 September 2011
If you sell the 1st House within 1 year of purchase of the 2nd house, then you can claim exemption u/s 54 being the amount of gain or, the cost of new 2nd house, whichever is less
CAclubindia
