Purchase of new house selling the present house
parameswaran
(Querist) 09 December 2011
This query is : Resolved
SIR,RECENTLY,I DISPOSED OF MY FLAT WHERE I STAY IN ORDER TO GO FOR A BIGGER ACCOMADATION IN A DIFFETRENT STATE, OF COURSE WITH BETTER AMENITIES.MY QUERRY IS:WHAT IS EFFECT OF TAX LIABILITY OF SELLING ONE HOUSE IN ONE STATE AND
PURCHASING A NEW HOUSE IN ANOTHER STATE, WITH A LITTLE HIGHER COST SAY 30-35 % MORE.?AND I HAVE PURCHASED IN JOINT NAME OF ME AND MY WIFE( ME RETIRED AND WIFE IS H.WIFE)PL ADVISE ME THE METHOD OF IMPACT ON MY CAPITAL GAIL GAIN TAX
THANKS
Raj Kumar Makkad
(Expert) 09 December 2011
You have not mentioned the purchase and sale price of your old house and its year of purchase and further cost of flat.
The calculation shall depend upon relevant data. However, you can purchase residential unit in another State also jointly with your wife within 3 years of such sale.
parameswaran
(Querist) 09 December 2011
Sir,
My old house agreement value was for rs 80000/-and the year of purchase was 1982 and my sale price is rs 15,00,000/- as on nov 2011 as per regd agreement and my new house purchase value of regd agreement is app 20,00,000 +reg fee of rs 1.56,000/-(DEC 2011) and ofcourse VAT is to be added.hope this will suffice .
A V Vishal
(Expert) 09 December 2011
No Capital gains tax is attracted since the cost invested in the new asset is more than the capital gains. However, if you are filing your returns you are advised to declare the sale & purchase in the ITR
soumitra basu
(Expert) 21 December 2011
Since the new house is in joint name the assessing officer may decide that you are the owner only 50% of the residential property and tax accordingly.
It is advisable that the flat should be purchased in the name of yours only to avoid capital gain tax.
