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
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.
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