Hi,
In 2007 I bought a house for Rs. 490000 and renovated it with Rs.120000 I spent Rs.45000 for stamp duty and registration.
I took housing loan of 555000 for this and continued paying EMI.
Now I sold this house for Rs. 1965000 and used RS.457000 foreclose Housing loan.
What are the tax implication on this. Can I get tax exemption if I buy a house using the long term capital gain amount.
Please help me to understand and save tax
Regards
Immanuel