Col B M Chanan (Colonel Retired) 24 February 2013
I am selling my flat at Pune. As I understand the sale proceeds of this flat has to be used for buying property only otherwise I am liable to to pay tax on this money. Six months back I purchased a flat at Hyderabad after obtaining loan frm bank. Please let me know if it will be in order to utilise the money received from the sale of Pune flat to pay off the loan taken for Hyderabad flat?
Neha Sharma (Student) 26 February 2013
If you purchased any residential property 1 year before the sale of property, you can claim exemption from that property
CA SANKAR (PRACTING CHARTERED ACCOUNTANT ) 01 March 2013
Give further details to work out Capital gains or Exemptions etc.,
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