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.
5 Answers from Attorneys
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.
you will not liable for capital gain tax as you sold the house after 3 years of purchase.
I think mr.Rajiv is right but better to consult any local CA or Tax advisor.
kindly contact to a lacal tax lawyer.
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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