Capital gains tax on second house – Need help to understand

POSTED BY mayil2405 ON December 2, 2014 5:14 pm ONE COMMENT

Sir,

I am having two house property – one purchased on 1979 and located in trichy and is in my name solely. another one flat at chennai bought and completed  in 2011 in my name and my wife’s name jointly . now i want dispose off the 1979  house property and buy a new one at Chennai in my name . i am told that  i have  to pay  capital gains tax 20% of sale value as i have already have one property . pl advise  me

One reply on this article “Capital gains tax on second house – Need help to understand”

  1. abhaybakshi says:

    You need to pay 20% tax as it is long term capital gain. But don’t worry after indexation benefit, it would be much less.

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