I purchased a apartment in Jan 2004 for a registered value of 12 lakhs and spent another 13 lakhs in finishing works for the apt. So in all 25 lakhs were paid to the builder. Entire 25 lakhs were taken as a housing loan on which I am paying interest since 2004. I also spent additional 5 lakhs in the wood works interiors of the apt. The apt was rented out to tenants since June 2007 and I have received 5 lakhs as rent since then. I want to sell this apt for 60 lakhs now. How much long term capital gain will I attract on this transaction? I also purchased another apt in May 2007 (registration date) for 40 lakhs which is also a housing loan. The possesion of the apt was given in July 2009. If I use the capital gain to pay off the housing loan taken on the second apartment, will I be exempt from capital gain tax? Appreciate your prompt response. Regards, Anil
