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Purchased flat in Pune in 2005 for 12 lakhs, sold in 2024 for 61 lakhs: What's my capital tax gain in 2021-22?

Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Aug 16, 2024

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Asked by Anonymous - Aug 13, 2024Hindi

Money

I purchased flat in Pune in Jan 2005 at 12 lakh. I sold flat on June 2024 at 61 lakh. What is my capital tax gain. Whether I can adjust my capital gain losses which is carrying forward from 2021-22 of about 23 Lakhs.

Ans: Hi
The approximate Long Term Capital Gain would be about Rs. 22.45 Lakh. Subject to all conditions of carry forward of losses being met, the loss of Rs. 23 Lakh brought forward could be set off against the long term capital gain

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I had sold 3 BHK flat in Sept,2015 and invested the sale proceeds in purchasing a flat in March,2016. this year in March,2023 I sold an ancestral flat purchased by my father in August,2007 and acquired by me through family arrangement and purchased a plot out of entire sale proceeds with intention to construct a house thereon. Pl let me know " will I have to pay tax on capital gain amount".

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I have booked a under construction flat in May 2022 for 2.80 crs inclusive of GST and stamp duty likely possession in December 2023, Flat is in joint name with my wife on 50:50 basis. I have availed joint Bank loan of 2.10 crores which is partially disbursed approx 1.76 crores up to now. balance will be disbursed before possession. I will be selling by old flat in January 2024 which is in my individual name, which I purchased in July 2017 for 92.50 lacs inclusive of stamp duty, approx selling price will be 1.25 crores. This flat is also on loan of 54 lakhs outstanding .What will be the capital gain against this and can this be setoff against the new flat? Difference amount 1.25 crores(sale price) less 54 lakhs (Bank Loan) balance amount of 71 lakhs I might pay against the new bank loan of 2.10 crores which will reduce the loan to 1.39 crores. Please guide how to go to save the Capital gain tax.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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