Hi
I had bought a house in Goa in the year 2008 for Rs 12 lakhs. Now the market value of the flat is around 30 lakhs, and I am selling this house for Rs 28 lakhs in June 2017
I still have around 5 lakhs of housing loan left to be paid for this house
In this case, what will be the capital gain that I incur for the sale which I am doing. And the balance amount which I recieve (28 lakhs - 5 lakhs Outstanding house loan = 23 lakhs) how should I take that amount. Can the buyer/bank give me one cheque of Rs 23 lakhs, and if I get it where should I deposit it. In my Savings account, or should it be in any other special account.
Also, in the 23 lakhs how much amount can I use for my personal purpose without attracting Tax.
The procedure on how to do this will really help me in this regard
I have brought one more property in December 2015. From the gain received in June 2017, how much I can pay to the new Housing loan, so that I do not have to pay any tax. And is there any timeline before which I need to use the amount which I receive
Regds,
Thanks,
Deepak
CAclubindia
