I just sold my flat for 40 lakhs, a 7yrs old flat.. Please let me know about complete - Income tax formalities?
I purchased a 2BHK flat in Goregaon Mumbai, in June 2006 at price of 28.4 Lakhs,
I paid stamp duty of Rs.1,25,760 and Registration Fees of 29,540.
I taken the loan 24 Lakhs in May 2006 and paid all the bank loan dues by March 2012 through NRE account.
The process for transfer of registration in buyer name by next 10 days.
I am not much aware about the income tax and long term capital gain on property purchased from foreign money which I paid from Dubai into my NRE account in Mumbai and loan paid back through ECS transfer to my home loan account.
I request you to please help me in the above matter and let me know
1. What are the income tax forms to be filled & filed at the time of registration at sub registrar office (if any)
2. The complete procedure to inform the income tax department about the selling of my flat.
3. If possible, let me know about income tax to be paid on the above said flat.
4. Is there any income tax discount on NRE sold flat?
Please Note: I sold my flat at the registration value of 40 Lakhs and my flat is almost 7 years old..
Thank you for your kind reply,
Regards,
I.Kapoor.
