Sir, Good Morning. Sold a piece of 3generaions old inherited land in May2023.Parked sale consideration after 50L REC bonds in SBI capital account. 2023 n 2024 had to be in USA for 6months each.In 2025 started looking to invest in a residential property around my city in Coimbatore but couldn't find one that suits our preferences and also most of sellers/builders don't take full amount on account and insist part funding out of account. In view of above decided to complete capital gains tax payment in 2026 January and redeem SBI capital account funds. Please update current tax laws in my current situation. 1. What will be approximate quantum of tax liability and interest portion on taxation. Is interest on tax is to be paid retrospectively from sale date or is there any exemption available. 2. Sale proceeds balance is 7C after 50L REC bonds and all are in SBI capital account from August 2023. 3. Your options and tax planning suggestions would be highly helpful Sir. Thanks. Yahoo Mail: Search, organise, conquer

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.

Hi Sir, I am buying and making full payment for a New Residential Property in Feb 2024 Costing Rs.1.5 Cr. Also, I will be selling one of my old properties for Rs.1.1 Cr. in March or April 2024. This was purchased in 2009 for Rs.36 Lakhs, Capital gains is of Rs.38 Lakhs after indexation. PS. I own 4 Residential Properties as on date. My query is, if I make the payments for my new property from my Savings, prior to selling and receiving the payment of my old property, what is the Tax implications for the Capital gains. Secondly, I have also sold my Mutual Fund with long term capital gains of 12 Lakhs, can I claim tax exemption if I invest in the new Property. Looking forward to your valuable advise. Thanks Ramesh

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?

Hello Mihir I wanted to ask about capital gain tax for the below scenario. I purchased a flat in 2014 with loan from HDFC that still has a balance of around 40 lacs to be paid off. The property price on agreement was Rs. 75 lakhs while the original loan amount was around 60 lakhs. I plan to sell this property and may be able to get total 90 lakh to 1Cr as an estimate. a) I plan to repay the loan of Rs.40 lakhs from this sale and close the loan a/c b) I have a second property on loan (SBI loan balance 30 lacs) wherein I will try to pre-pay Rs. 15 lakhs c) I recently purchased another property which is in construction phase due possession mid 2028. I will try to pay off 20 lakhs on the ongoing loan for this property. Will I need to pay Capital gain tax on the balance Rs.15-25 lacs with which I plan to buy a shop for commercial setup purposes? If yes what are the alternatives to avoid please suggest. For example if I do interior furniture updates in the house where I stay today, will I still be taxed