Hi,
I own a house that was bought in 1990. Now I want to sell it and buy another house.
I get around 50% of the amount for my new house by selling the current one.
Other 50%, I will be going for house loan.
But now the question is, should I pay income tax when I sell my old house under capital appreciation? If so, for how much amount is the tax calculated? Will it be on the entire price?
or will it be on the SellingPrice minus purchasedprice? Is there a way to get out of this tax?
It falls into 30% category and 1/3rd of the money will be a loss for me.
Please help me:
Regards,
PK