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?
