Legal Question in Real Estate Law in India

i had sold my flat for 2500000 /-(cheque) on basis of power of attorney in april 2008..had bought the flat for 1200000 /- in october 2003. what are my liabilities as tax if i have not purchased any new property thereafter as i have utilised the money in clearing the home loan of 8,50,000/- and the balance in closing few personal loans.

what is my immediate step now.


Asked on 8/28/09, 12:41 am

5 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

You are laible to pay capital gains tax if you have not purchased another property(house/flat) or constructed within certain prescribed time limit or must have deposited same in any CG Bonds scheme of various Govt.Institutions.The CG gains would have to be determined after a calculation made to that effect.

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Answered on 8/28/09, 1:41 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you will not liable for capital gain tax as you sold the house after 3 years of purchase.

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Answered on 8/28/09, 1:59 am
KAMAL GROVER

I think mr.Rajiv is right but better to consult any local CA or Tax advisor.

[email protected]

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Answered on 8/28/09, 9:37 am
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

kindly contact to a lacal tax lawyer.

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Answered on 8/28/09, 1:05 pm
Shrichand Nahar S.V.Nahar, Advocate

Long term capital gain on difference of sale price and indexed cost with interest U/s.234A, 234B and 234C as also penalty, if any, imposed by Dept.

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Answered on 8/29/09, 1:51 am


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