Reversal of 80C and section 24 benefits

POSTED BY subhashkyk ON January 7, 2015 7:13 pm NO COMMENTS

Purchased 2 (small) flats @12,50,000/-each in june 2012 with home loan of 10,00,000/- each. claimed 80C(principal, stamp duty) and section 24(interest) for both as self occupied and deem-let-out during last 2 years.

Again purchased a (large) flat @35,00,000/- in july 2014 with home loan of 26,00,000/-; but before that i have fully repaid and closed earlier 2 home loans (then only got new loan).

Then, sold 1 (small) flat @15,50,000/- in Dec.2014; and panning to sale another (small) flat.
(To save extra capital gain tax, wish to sale second small flat only after March 2015; is it OK?).

Pl suggest how to calculate capital gain(STCG)??? Also, tax calculation regarding reversal of 80C and/or 24 (principal, stamp duty and interest).

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