New Property Purchase Before Selling Old: Tax Implications for Ramesh?

Sir, during this month (August2023) I sold my flat which was purchased by me in 2010. The total sale consideration as per govt guidelines was Rs 5973000/ and was registered at that amount, accordingly TDS at 1% on it was deducted at Rs 59730 and was credited to the govt account. My query is , TDS on sale of property at 1% is applicable in case the amount of sale exceeds Rs 50.00 lakhs . Whether the TDS is applicable on full sale consideration or on the difference amount ie, (5973000-500000)Rs 973000. 2. I had purchased the flat in April 2010 and the purchase price was Rs 3150000/ including Stamp duty, Registration charges and small amount towards interior work. I request you to advise me the applicability of Capital Gain Tax on it. Now I do not want to invest in any new property or in Capital gain bonds, I want to pay the applicable tax and close the transaction. Please advise me about the applicable Tax and close the formalities applicable in this regard. Siddramappa Kudarimoti.

Can you please suggest on capital gains as per Indian taxation laws arising in the below two queries : 1) property purchased with joint ownership, me and my wife’s name in 2015 at a cost of 64,80,000, housing improvements done for the cost of 1000000 and brokerages of 200000 paid and sold the same property at 10000000 in Dec 2023? 2) 87% of the proceeds got from the deal i.e 8700000, have been reinvested to pay 25% amount in purchasing another joint ownership property in Dec 2023, 3) I have invested in another under construction property in Nov 2023 by taking housing loan, which is on me and my wife’s name worth 1.4 cr, here the primary applicant is me only while wife is just made a Co applicant in the builder buyer agreement and also on the housing loan . So what are the LTCG tax liabilities arising from the above 3 scenarios for FY 2023-2024 and FY 2024-2025. I intend to sale off the property acquired in (2) by Dec 2024 and use that proceeds to close the housing loan for the property acquired in (3), will this sale of property be inviting any tax liabilities if the complete proceeds received from the sale of the property in (2) would be utilised to close the housing loan taken in Nov 2023 for the property in (3) ? Since in FY 23-24, I would be claiming the LTCG from the sale proceeds of 1) invested in the purchase of property in 2), and I intend to sale off this property in Dec 2024, will the LTCG claim be forfeited on the property sale in (1), should I hold this property at least for further 1 year so that sale of this property in 2) will not invite STCG?

Respected Sir, I am a working person in a private office.In September,2022 I (primary applicant) along/joint with my mother(senior citizen,housewife,no income as such) took a 50L Home loan for purchasing a resale/old flat for Rs 69L.In addition to this ,in reality total cost/expense against the property is 96L approx which included standard repair,Mutation,Brokerage charge,flat registration/stamp charges, along with the total interest that I have been paying to bank till date. Now I would like to sale this flat.Do I need to pay long term capital gain tax for this property if I sell this property @103L and out of this amount ,I have to pay 49L to Bank(for Loan closure). Can you please help in elaborately explaining how much tax if any will I need to pay? Or my mother being a senior citizen(house wife,no major income) can showcase that. If the purchaser directly pays the loan amount of Rs 49L to my bank loan account for settling,will that way also save tax and the remaining sale amount is credited to my mother's account? Will be really helpful,if you help in providing in detail your valuable suggestion in order to save some tax here or any alternate way/option.