shakti Agarwal (Engg) 30 May 2014
Dear Sir,
I have purchased one property in Feb 2010 and now I want to sell it in June 2014. In this transaction the total amount (Principal + Interest) what I will receive after selling, if i re-invest it by purchasing another house of higher amount than earlier one within 6 months, Then is the interest received after selling my 1st house is Taxable or not.
Thanks
Best Regards
Shakti Agarwal
Arvind Manghirmalani (Advocate High court Bombay Trained mediator 91-9869617090 9594255075) 01 June 2014
why you are terming profit as interest?
since you are purchasing another property of higher amount than the earlier investment plus profit after a period of 3 years, there will be no tax on profit.
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