Capital Gain Tax

Querist : Anonymous (Querist) 05 February 2011 This query is : Resolved
DEAR EXPERTS,

I HAVE GOT POSSESSION OF FLAT (COST 20 LACS) IN FY 2009-10 WHICH WAS BOOKED IN FY 2006-07 AND PAYMENTS WAS MADE AS PER THE WORK PROGRESS OF THE BUILDING ACCORDING TO AGREEMENT.BANK LOAN IS ALSO AVAILED .

I have sold 12 YRs OLD FLAT(COST 7 LACS) AT ABOUT Rs. 18 LACS in Sep-10.

As per my belief No Capital Tax will be attracted as the date of possession of new flat is within a year from selling of old flat.

Kindly confirm and also quote case laws.

THANKS & REGARDS

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Rajesh Thakker (Expert) 06 February 2011
Yes, as per sec. 54, you purchased a new residential flat prior to 1 year. Therefore, the profit of your flat will be deducted from the new investment.

soumitra basu (Expert) 15 April 2011
I agree with Mr. Thakker.

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