rupesh (sr.ticketexaminer) (5 Points)
04 July 2017In financial year 2016-17 I sold my flat in 24 lakhs after clearing of my housing loan I gain 16 lakhs which I invested in purchase of my new flat that finalized immediately after sold out my old flat.for new flat I borrowed fresh housing loan.
I would like to know, how I mention the above said transactions in my income tax returns.do I liable to pay any capital gain tax if it then how much.my purpose of selling or purchase not for investment but for upgration of my living.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185043 Points)
Replied 04 July 2017
Though the purchase cost & year of purchase of the property sold is not provided....... but assuming it to be held for more than 3 years and indexed cost of aquisition more or equal to 8 lakhs........
No tax liability would arise as you have invested in new house property which can be claimed as exmpt u/s. 54. (the exemption can be claimed in Capital Gain schedule of ITR for AY 217-18)
rupesh
(sr.ticketexaminer)
(5 Points)
Replied 04 July 2017
rupesh
(sr.ticketexaminer)
(5 Points)
Replied 04 July 2017
Saravanan Sampath
(16 Points)
Replied 04 July 2017
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