Hi, I purchased a Flat costing Rs 6.0 L in year March 2003 on my wife name, she is housewife, same flat, we sold in Rs 17.40 L in May -2012. I paid housing loan interest around Rs 2.0 L for around 8 years( i already availaed Income tax expemtion under 80CC). I also paid stamp and registration charges Rs 40000/- + Electricity charges Rs 40000/- during purchase. For calculating Indexation purchase price, whether stamp duty & Registration charges, electricity connection charges as well as Interest paid on Housing loan considered for calculating purchase price of flat. So, i can calculate the indexed purchase price on considering above factors( i.e. Stamp duty& Registration, Electricity connection, Interest Amount on Home loan, …etc)
Secondly, I bought a new flast costing Rs 31 L with registry( Jan-2011) on my name, with home loan of Rs 25 L with joint Home loan account with my wife. Completion of flat is expected in Oct-2012, I have to balance amount Rs 10 L from Home loan account before completion. Whether I can use flat Captial gain amount received from above flat of wife name, to pay balance amount to new flat, whose possession still need to get it.
Please reply in details.
Many thanks in advance.
