Property sale Capital gain tax, Income Tax

[chris ivory]

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?
- I have left with 4 lakh in saving account,can i use it for short term FD in bank,as demand letter from builder is very slow?

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Capital gain tax definitely attract in your case.