Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2014 i am selling a residential house for 81,60,000/- in feb 2014, which was purchased in march 2000 at rs.9,50,000/-.
i am purchasing new residential for rs.75,00,0000/- out of which bank loan is of rs.30,00,000/-.
except this my salary income is 5,85,000/- p.a on which TDS is deducted.
kindly let me know what will be my tax liability.
its little urgentttttttttttttttttt

AVTAR SINGH

AVTAR SINGH (Expert)
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03 February 2014 Long term capital gain is being invested fully by you in the new house, so it will be exempt u/s 54. Salary is taxable and you can claim interest paid to bank as loss from self occupied house property. Deduction u/s 80C can also be claimed on account of purchase of house.