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