Sir,
I am planning to sell a flat which is in my own name which was purchased in 2003 at a cost of Rs.6 lakhs. What is the tax liability if I sell it for Rs.26 lakhs now ? Do I need to re-invest the entire sale amount or only the appreciated capital amount to escape tax ? Can I re-invest in my own/ wife's/joint name ? Can I use the original capital ( original capital amount or present money value of that amount ?? how to compute ?? ) to re-pay my old housing loan for another house ( taken 2 years back) ?
Thanks
P.M.Mathew
