Long term capital gain

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  1. t k banerjee

    t k banerjee New Member

    I have purchased a flat with bank loan in April 2003. I paid 50000/- cash to the builder towards 15% of my share at the time of purchase, The property sale deed was for 3 lakhs and 30 thousand. I got a loan of Rs.280000 and the EMI was Rs.3200 which I paid regularly from June 2003 up to Oct 2010.
    In Nov 2010 I paid Rs.150000 balance loan to the bank. After getting possession of the original sale deed from bank I sold that property For Rs. 600000 ( six lakh) the salle deed was for Rs six lakh.
    Now my query is whether the total amount paid through EMI + 50000 + 150000 may be considered as purchase price for the flat.
    Or otherwise what is my capital gain in this transaction.
    Thanks in advance
    Please reply me if possible
    Thanks again
    T K Banerjee
    mail [email protected] phone 9885988740
  2. V K Khanna

    V K Khanna Active Member

    The long term capital gain is the sale consideration minus indexed cost of acquisition of the flat.

    2. The purchase price of the flat will be the amount paid to the builder plus stamp duty and registration charges plus interest amount paid to the bank on loan amount ( provided it is not claimed as deduction for tax purposes). You can apply indexation benefits on the total purchase price to arrive at the indexed cost of acquisition of the flat.
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