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

by Akshay Desai
(Goa)

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?

Answer


(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

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