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How to utilize capital gains to repay installments?- Proprty Hotline
Posted
September 8, 2016
Views
140
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1
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September 8, 2016
140
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2:03Now PlayingExpert: Shipra Padhi, Member - International Tax Practice at Nishith Desai Associates.
Question: I booked a flat in April 2016. I paid 10% of the flat cost as the booking amount. I have taken 80% of the cost as bank loan. I have to pay 5% more to the builder. I plan to sell an existing flat that I own. Can I use the gains from the sale of this flat to pay the builder the balance amount in order to avoid capital gains tax?
Answer: Capital gains tax exemption should be available if existing flat is sold by April 2017. The capital gains can be utilized to purchase the new flat. The existing flat should have been held for more than three years.
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