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
I have given the link because the query has no information when the property was purchased viz before or after March. Further, the query is silent the amount for which the property is sold and also the number of persons sharing the consideration.