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Sale of house to repay debt on new flat

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 April 2011 One of my clients is selling his 5 year old flat. The proceeds from the sale will be used to rapay the debt taken for his another 2 years old flat.

Is it possible to this? Also what will be the tax implications?

Kindly help!
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
25 April 2011 U WILL HAVE TO PAY CAPITAL GAINS TAX

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