09 November 2010
Hello, I am planning to sell my flat in jan 2011 which was bought in Pune in Dec 2007 , Its a second hand purchase of 10 year old flat, the cost of the flat payment paid and registered is 17 lacs. Now I am planning to purchase a new flat at the cost of 25 lacs, what would be income tax implications and what i need to do to save tax ?
09 November 2010
Thanks a lot for the reply ! The old flat will be sold at around 23-24 lacs and i have a housing loan for it around 11 lacs now on going, which I will repay fully from the sale of the old flat. The new flat is being purchased at around 25 lacs, i am planning to take a housing loan for the new one for 12-14 lacs and the difference of amount 12 -13 lacs from my old flat will be invested in new flat.