I will be getting 25lacs(by Cheque or Electronic Transfer in the bank account) from sale of a flat. Now can I invest 20 lacs to buy another flat and keep remaining 5 lacs to invest in house hold items, also to pay stamp duty and registration charges. Will i be taxed on 5 lacs. And if yes What %. Or I have to invest entire 25 lacs to purchase another flat.
First flat purchase value 1.50lacs at the time of purchase. Year was 1989.
Place of Property - Pune
First Property was purchased on 15th, June 1989.
and proceed from sale of flat will be received in April, 2011
Mother is owner she will mention in sale deed 75% from sale will go to me. Will be Electonically Trasnfer to the bank account. Since other brother has a house of his own.