Reg sale of flat

Aman (Querist) 26 November 2010 This query is : Resolved
Dear Sir

I purchased a flat in aug '07 for Rs. 28.5 lacs and i want to sell it now. I have 2 questions viz:

1. What is teh maximum i can accept as white for teh flat for which i need not pay any tax?

2. Is it that i have to buy a flat worth the total amount to save tax or just the profit amount can be reinvested in property to save tax?

thanx and regards
Aman

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A V Vishal (Expert) 26 November 2010
AS FAR AS Q1 IS CONCERNED, THIS IS NOT THE RIGHT FORUM TO POSE SUCH QUESTIONS AND IT WILL BE UNETHICAL ON OUR PART TO ENTERTAIN SUCH QUERIES, SO IT IS BEST TO CONSULT YOUR CA OR TAX CONSULTANT.

REGARDING REINVESTMENT, PLZ NOTE THAT YOU CAN PURCHASE ANOTHER HOUSE PROPERTY U/S.54 OR INVEST IN REC/NHAI BONDS U/S.54EC. THE AMOUNT OF INVESTMENT SHOULD BE EQUAL OR GREATER THAN THE CAPITAL GAINS COMPUTED ON SALE OF THE PROPERTY.