26 January 2016
I purchased a flat in 2010 in my own name & gave it on rent. further I purchased another flat in joint name with my wife where we reside. Now I m going to sell my first flat for Rs 20 lac . What will be tax effect on me on selling ??? & how it can be it avoided??
26 January 2016
On transfer of flat, purchased in 2010 long term capital gains tax will attract. You may purchase new house within 2 years or construct a new house within 3 years. You need to deposit such capital gains in a capital gains scheme account with any public sector bank and spend such money for the purchase of purchase or construction of the new house. Applicable section is 54 under the Income Tax Act, 1961.
Alternatively, you may invest in capital gain bonds of NHAI under section 54EC
27 January 2016
For ur kind information I would like to ask u can I utilize the sale receipt of first flat to pay the installment of loan amount of second flat becoz 2nd flat( purchased in July 2015) is on loan. ?
27 January 2016
For ur kind information I would like to ask u can I utilize the sale receipt of first flat to pay the installment of loan amount of second flat becoz 2nd flat( purchased in July 2015) is on loan. ?
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