Taxes from sale of a flat

You had to mention in sale deed with buyer that he will bear all charges and net Rs 15,00,000 will be given to you

Upon sale of flat, you are liable to pay capital gains tax.

Please intimate:

date of purchase of flat, cost of purchase including the stamp duty, registration and brokerage

Depending upon these facts, proper advice can be provided. 

If you don't want to pay tax or not want to buy another flat for the cost of the sold flat, invest in bonds of NABARD etc. yielding low rate of interest. 

Mr. anil,

you have two way either invest the total capital gain in another residential property u/s 54 of the I.T. Act  with in two years from the date of sale or thre year if you construct house or invest the capital gain in the bonds within six months from the date of sale.

Do agree with learned contributors above but the moot issue is that such exemptions are available only if the capital gain arising from sale of flat is long term in nature otherwise there will be no exemption.

If you have held the said falt for more than 3 years as on date of sale, you can avail exemptions available as above and escape taxation.

In order to save your Long term capital gain on the sale of property is that, u will have to purchase another house within a specified period OR u may invest under some specified bonds as mentioned u/s54EC of the income tax Act. there is no other ways to save the tax in this case.

please substitute the word Capital Gain to the Sale consideration.