have a question related to property selling and reinvestment.
i purchased two flats 3 year back on loan, Property1: Total Purchase value- 22,00,000, Loan Amt 20,50,000 Property2: Total Purchase value- 20,00,000, Loan Amt 18,00,000
I want to sell 2nd flat at Rs 35 lac, so the benefit i will get is 12Lac after deducting Interest paid on loan and cost of property.
My question is To avoid tax can i use capital gain (12Lac) to repay the loan on my 1st invested property as re-investment on home?
Or any other suggestion to avoid tax on capital gain and my loan gets pay?
Hello, If I want to sell my house, what is he start date (purchase date) for the purpose of evaluating if it is long or short term capital gain? I have bought from a builder and paid in installments and at the end got possession and registry. Is the date of possession/registry the start date? Or is it the date of booking the flat? Thanks, Asif
My father expired 10 years back leaving a 100 year old house jointly shared by me and my sister and brothers.We have now sold it recently.My receivable is 4.2L.Do I have to pay capital gains tax if any? If so how can it be avoided with suitable investment? I hear that long term cap gain tax has since been withdrawn.Is it fact?
I sold my flat for Rs 6 lakhs (sale agreement registered on May 15, 2005 and sale deed registered on June 6, 2005). My long term capital gain tax (after taking advantage of indexation) comes to around Rs 4.5 lakhs. I booked a house with Central Govt Employees Welfare Housing Agency (CGEWHO) and paid about 2.0 lakhs on October 10, 2004 and 1.5 lakhs on June 3, 2005 as part payment towards the eventual cost of a flat which is still under construction. I still have to make some additional payments as and when CGEWHO demands in future.
My question is as follows.
1. Do the installments paid on October 10, 2004 and June 3, 2005 (within one year before the sale of the flat) qualify for rebate u/s 54. I do not own any other immovable property?
2. If these payments do not qualify for rebate, then within how much time should I invest my capital gains of Rs 4.50 lakhs so that I do not have to pay any capital gains tax?
I shall be extremely thankful to you for your kind advice.
If you sell rental property, owned over 3 years, is the formula shown for calculating long term capital gain the same. My husband and I are being told that we will have to pay 20% or 25% on the profit of sale. For example: we make 60,000 on the sale, we have to pay 12,000 capital gains tax. Using the formula specified - cost inflation index - the amount payable is substaintally lower. Can you please advise?
Hi... very well explained... lucid and comprehensive...
1> Can u tell me the CII for the year 2005-06?
2> Can I add the stamp duty, brokerage of the house i buy to the cost of the new flat, to offset the long-term capital gains accrued on sale of the first flat?
Re: What if my property was bought before 1981
by Guest on Aug 18, 2009 11:35 AM
I purchased a house in 1977 for Rs60thousand. Sold in 2009. What amount will be Capital GAin?
