Dear All
I purchased home in year 2000 @ 5,51,000/- and made additional expenses like renevation around 2 lacks. Same house sold in Aug 2010 @ 20 lacks. As per income tax how much capital gain will be their also in dec 2010 I invested for Bank auction property and purchase flat 18,91,000/- also additional expense like stamp duty 1.5 lack ,society 50,000/- agent commision 60,000/- ,property tax 21,000/- ,some renevation around 1.5 lacks and furniture around 70,000/-. Total value of the flat was 18.91+5.0= 24 lacs. agreement done in 15 mar 2011.Now I am selling same flat around 27 lacks. The Recknor rate of the new purchased flat was 27 lacks.
My question ,is it my LTCG will be adjusted against new flat purchased and how to save money on short term capital gain.If i sold same flat in march 2011 or apr 2011 which is profitable for me.Because new purchase property agreement not done yet. Also after selling this flat I am going to buy another flat (Like trading business)
CAclubindia
