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Property sale Capital gain tax, Income Tax |
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Property sale Capital gain tax |
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My father bought land for 1 lakh (1991) and sold for 36 lakh (2015) It was in the name of myself and my brother . I got 18 lakh and another half gone to my brother account. I have used this money to settle my home loan in 2015 for 14 lakh (Flat booked in 2012 - Home loan started in 2013) I have left with 4 lakh remaining which i will use to settle the demand of the builder for the same flat - 2012. I am in 30% bracket of around 13 lakh income group (paying 1.6 lakh income tax) - Will my above transaction that i have used land proceeds money towards settling my home loan will qualify for NO capital gain property tax on me? Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1 Page: 1 Old Query - New Comments are closed. |
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