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?
