Tax payable on long term capital gains on sale of residential flat.

by Akshay Desai

Question: Capital Gains Deduction u/s 54

Me and my wife had jointly purchased the flat for Rs.8,00,000 in Nov.2007.
We have sold the same flat in January 2012 for Rs. 15,00,00/-. We have jointly purchased a new house in April 2012 for Rs. 20,00,000/-.
What will be our long term capital gain tax for Financial year 2011-12 ? Do we have to pay capital gain tax separately?


(we assumed the sale consideration as Rs. 15,00,000/- instead of Rs. 15,00,00/- as you mentioned in your question.)

Your LTCG comes around Rs. 3,60,254. Use the Free LTCG Calculator.

As you have already invested Rs.20,00,000 for purchasing a new residential house, you can claim exemption u/s 54. You need not pay capital gain tax.

For more details refer LTCG Exemption u/s 54

Thanks for contacting Accounting-n-Taxation.Com

Join in to read the tax articles as soon as they are posted in our website.

Website | Facebook | Twitter | Google+ | LinkedIn

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Questions on Tax.



submit to reddit

Protected by Copyscape Duplicate Content Detection Tool

Free Newsletter

Our Monthly newsletter ‘Online Tax Consultant’ is the ideal way to make sure you miss nothing in the world of Taxation in India.




Income Tax Questions
Have Questions on Tax?

Salary Income Tax
Salary Taxation

House Property Tax
House Property

Capital Gains Income Tax
Capital Gains

Business Income Tax
Business Tax

Corporate Tax
Corporate Tax

Other Sources Income Tax
Other Sources