SALE OF FLAT AND OPTIMAL UTILIZATION OF SALE PROCEED

Querist : Anonymous (Querist) 20 September 2010 This query is : Resolved
I had purchased a residential 2 BHK flat in Jan 2007 for Rs 20.00 lacs. Today the cost of this flat is Rs 52 lacs and I intend to sell it in Dec 2010 as I intend to use part of the money(Rs 15 lacs approx)for renovation of my flat in which I am residing and use the balance(Rs 37 lacs approx) for trading in Real Estate so as to generate additional income.
My query is which option is sensible from the point of maximum and optimal use of the money being received from this sale of flat with preferably Nil or at best minimum tax liability;Should I accept the entire amount in Cheque or only that portion in cheque which I intend to use for trading in Real Estate or Rs 27 lacs so that LTCG is Nil.
Thank you.

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R.Ranganathan (Expert) 20 September 2010
I think you have come to this forum wrongly. The query may be asked in caclubindia.com wherein you can get the tax liabilities.

soumitra basu (Expert) 22 October 2010
Mr. Ranganathan is there any presumption that only the CAs are able to answer the tax queries. I opine the contrary is true.

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