Now i have constructed and completed a new house. Total cost of construction is RS. 25,00,000. By hand money Rs. 10,00,000 and borrowed from SBI Rs. 15,00,000. Then i sold my old house Rs.40,00,000 after construction of my new house. now my query is below.
1. Should i pay any tax on this Rs. 40,00,0000 ?. If Yes, what is the process of calculation? 2. Any exemption or deduction will i get ?
01 June 2016
first of all provide date of sale and date of completion of construction of your building so as to know whether gain arising comes under short term / long term capital gain
16 October 2021
If the house sold had been held by you, for at least 3 years, then you are eligible to claim exemption u/s. 54, subject to fulfillment of conditions of the section.
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