Sasha, Apartment Resident, Bangalore
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Please answer to my queries
Q: Q1: I bought a house in Bangalore at 40lacs, 5 years back, now I want to sell it. I am getting 60 Lacs for the house. To save the Capital gain tax, do I need to invest the complete amount for purchasing the new property/house or If I invest only profit amount that will save me tax (i.e, 20Lacs of profit from sold house and rest I will take loan from bank) Q2: Further to above query, I took loan from bank for 30Lacs for the same house. Now for calculating gain the interest amount paid to bank will be subtracted form the profit earned by selling the house?

Latest Answer: Just to add to previuos question.. I am selling a flat which is not registed but just an agreeent in my wife's name and i got some appreciation before i registered it, now i want to sell the same flat which is in my wife's name as per aggrement and clear the loan on a flat which is my name . Do i need to pay tax here ?

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