06 January 2010
1st Property Loan Details : Bank : ICICI Bank Date of Loan : 30.06.2004 Loan Amt.- Rs 460000.00 Loan OS as on Today : 396000.00
2nd Property Loan Details : Property Under Construction : Property Registration already done Date of Loan: August 2007 Loan amt not fully disversed (Total Loan Sanctioned 7.5 lakh) Expected Possation Mid 2010
Personal Loan Through Credit Card - 1.5 lakh Car Loan - 3.0 lakh
My Q : If Capital gain about 5 Lakh by saling the property No. 1, then Whether any possibility Income Tax Save on account of Capital Gain of Appox Rs. 6 lakh.
06 January 2010
Invest you Capital Gain amount in "Capigal Gain Accounts Scheme"(CGAS) [section 54]
In CGAS you have to just invest your capital gain amount with declaration that you will purchase another house within 2 year from the date of sale of Property #1.
And within two year if you not purchase another house property then this invested amount will be taxable as capital gain.
I think till then you will have 2 year to pay all your loan amount or reduce your loan burden.
CAclubindia
