06 June 2010
I PURCHASED A FLAT 2 YEARS BACK WITH HOUSING LOAN. BUT SINCE IT WAS FAR FROM MY OFFICE, I HAD TO SELL IT WITHIN 2 YEARS. HOWEVER, I BOOKED ANOTHER FLAT NEAR MY OFFICE.
MY CONSULTANT SAYS THAT IT IS SHORT TERM CAPITAL GAIN FOR A.Y.2011-12 AND THAT I HAVE TO PAY HEAVY TAX. EVEN THE INTEREST I PAID ON THE HL IS NOT DEDUCTED. ONLY SALE VALUE - PURCHASE VALUE
I AM LOOSING HEAVILY SINCE I HAVE ALREADY PAID INTERST ON HL AND NOW HAVE TO PAY TAX. IS THERE ANY REMEDY
CAclubindia
