20 March 2014
I have a client finalisation to do. He has sold his self occupied property a flat which he sold during f.y. 12-13. But before selling this property he had bought another property which is now self occupied by him. I want to know how the tax will be charged. Whether on normal tax slab rate or any other percentage.
And whether there is any deduction he can get on the property sold.(capital gains) The flat sold is purchased on 1/7/2000.
20 March 2014
you dont have to worry. exemption under section 54 shall be available. the quantum for the same shall depend the indexed cost of acquisition, the consideration received and cost of house acquired.