I will be getting long term capital gain off a home that is being sold. if i put the money towards this home would this be considered as an investment? also the home was bought in the 70's and is not on that list above...
I had purchased a flat in Oct 2002 for Rs.15,00,000/-(inclusive of stamp duty, registration charges, brokerage, etc.), for which I have availed a home loan of Rs.14,00,000/- and in 2008 took an additional loan of Rs.7,00,000/- for home renovation. I am planning to sell the same by the end of Febr 2011 for Rs.75,00,000/- (out of which Rs.20,00,000/- will be repaid to the bank against home loan). How do I calculate my capital gains tax? Also what if I buy a flat for around Rs.50,00,000/-, what would be the liability towards capital gains tax?
If any land is sold, what would be the provision of capital gains? Is it like capital gains on house. Whether loan amount due and settled from proceeds of land will be discounted from the capital gains?
If any land is sold, what would be the provision of capital gains? Is it like capital gains on house. Whether loan amount due and settled from proceeds of land will be discounted from the capital gains?
I want to construct a new house after dismantling the existing old house with the capital gain amount earned on selling vacant land. Pl let me know whether I will get tax exemption
Re: Re: Claiming expetion on capital gain on vacant land
by gattu badrinarayana on Jul 13, 2012 12:57 PM Permalink
i would like to see the reply please
Hello, I have sold a property @29lakhs given by my father as gift deed on Jun 2010. Now I have given used this amount to purchase a new flat @35 lakhs on June 2010 and taken a loan of 15 lakhs. Will there be nay captial gain.
