i brought an apartment for 46 lakhs 60 thousand in 2008.
Got it registered on nov end 2008.
Selling it for 54 lakhs in june july 2012 excluding registration
stamp duty charges that will be paid by buyer.
would there be any income tax / property tax on capital gain
As per an other query and answer i calculated cost as 785/582 * 4660000 = ~ 6285000
http://localhost/jagoforum2/calculate-income-tax-on-a-sale-of-property/3298/
( http://www.caclubindia.com/mobile/forum/details.asp?mod_id=175456 )
Since it is higher than 54 lakhs and difference is negative would there be no property tax.
property is in jp nagar 6th phase bangalore
i have claimed income tax benefit on interest and prinicpal
after purchase. I am paying 45953 emi from jan 2009 till date
principal amount cleared = 3 lakhs till date on 41.2 lakhs loan
i have not let out apartment for lease or rent till date and it was self occupied
thanks.