How much money to deposit in Capital Gains Account Scheme

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  1. bishan datt Pandey

    bishan datt Pandey New Member

    my wife had purchased a flat for Rs 7 lakhs in June 1998 in Thane. Now the property has been sold at rs. 61 Lakhs in May 2014. Please let me know
    1. How much amount she should invest in the new property.
    2. She had taken a loan of rs 3 lakhs for which interest of Rs. 1.5. Lakhs has been paid.
    3.She has booked a flat in under construction property totally costing 69 Lakhs and paying
    in installments. the property will be delivered in March 2017. Till date she has paid about 28 Lakhs. Whether she is required to deposit the balance amount in capital gains account. If so how much.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. The Capital Gains would be computed as follows:-

    Indexed Cost of Acquisition - 7 * 1024/351 = 20.42 Lakhs
    Selling Price = 61 Lakhs
    Capital Gains = 40.58 Lakhs

    This is the amount that is required to be reinvested to claim exemption from Capital Gains.

    2. Was the Loan taken from a recognised financial institution or not?

    3. If the new flat is booked 1 year before or 2 years after the sale of old property - then you can claim capital gains exemption.
    bishan datt Pandey likes this.
  3. bishan datt Pandey

    bishan datt Pandey New Member

    Yes loan of Rs 3.15 Lakh was taken from BMC for old property which was repaid after paying 1.5 Lakhs as interest.
    The new property is booked in the same year of the sale in 2014 and will be completed in Dec 2016. Amount being paid in instalment. Whether the capital gain amount of Rs 40.58 is to be invested in this year upto march 2015.
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