How do i justify ....
ksr prasad
(Querist) 23 March 2013
This query is : Resolved
I purchased a flat in hyderabad in 2011 with part funding through a bank loan and balance by selling my old property. The problem is that I was able to dispose off my old property only few months after purchasing my new property.Meanwhile I had to settle dues to my builder through bank loan & hand loan borrowed from a close relative to register the new property. I repaid that hand loan soon after selling my old property. Another issue is that though the value of both the properties is almost the same on paper, I had to shell down extra money to the builder which is equal to the hand loan for full settlement. How to explain all this if an issue come up. What is the legal position with respect to capital gains tax ?Please clarify.
Adv k . mahesh
(Expert) 23 March 2013
consult a CA who will explain then the steps
Sankaranarayanan
(Expert) 23 March 2013
Is any sale agreement made for your old property prior to the purcchase of new onne. What is the value of sale and purchase of new. If you feel the capital gain will demand then you have to plan it either by paying. Or if the CG is bellow 50 lakh then you can deposite n specific infrastrectural bond which is total excemption to avail if fulfill the pethe deriod of three year lock. Anyhow find
