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Nikunj Saraf |308 Answers |Ask -Follow

Mutual Funds Expert - Answered on Feb 16, 2023

Nikunj Saraf has more than five years of experience in financial markets and offers advice about mutual funds. He is vice president at Choice Wealth, a financial institution that offers broking, insurance, loans and government advisory services. Saraf, who is a member of the Institute Of Chartered Accountants of India, has a strong base in financial markets and wealth management.... more

Question by Vasu on Feb 13, 2023Hindi

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I own a flat gifted to me by my Patents Can I get a loan against it? If so how much ? The govt. valuation of the flat is approx 35 Lakhs Can I sell the flat if I want to? If so for how much maximum value?

Ans: Hello Vasu, please consult your Chartered Accountant for the same.

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've purchased a Flat in 2013 for 24 Lakhs agreement value plus 3 Lakhs Registration and other charges. 1) If I resale the Flat for 34 Lakhs will there be any Capital Gain Tax on it? 2) Can I deposit the amount in existing Flat loan or a new Home Loan account?

Ans: 01. As per details provided by you, there is a LTCG of Rs.7.00 lakhs. LTCG can be calculated in either of the 2 following methods :
(a). Rs.7.00 lakhs @ 12.50% Rs.0.87 lakhs., OR
(b). Rs.27.00 lakhs indexed (at Rs.363/220) as Rs.49.00 lakhs. There would not be any LTCG tax, instead it would be a loss, (No Tax).
02. You should go for the second option above & file your ITR, declaring full facts of the transaction.
03. You may spend the Sale proceeds, in any way you like.
Most welcome for any further clarifications. Thanks.

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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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