Hi,
I purchased a property in 29/6/2012 of agreement value 18,50,000 INR (which amounted to 20,50,000 INR after paying stamp duty and VAT and other taxes) and my EMI’s started from that month itself .
I sold the same property for 21,00,000 INR on 21/9/2013. During this period i paid EMI of around 1,50,000 INR (roughly).
With the money received, i cleared my home loan by paying back 17,00,000 INR and remaining money i invested back in another property i purchased in October 2013.
I wanted to know whether short term capital gains is applicable for this transaction, since, i re-invested my entire money within 6 months into another one ?
I am filing for income tax returns and i am confused how do i state down capital gain section. I am e-filing my tax returns from https://cleartax.in website.
P.S: I have claimed the principal + interest component of the earlier property under Section 80C and Section 24(b).
Please suggest.
Thanks,
Adithya