The cost of the new flat will not be less than the amount of capital gains that you will be calculated on the sale of the old flat. On or before July 31, 2018, you will need to deposit the amount of taxable capital gains only (not the entire sales proceeds) in a capital gain account scheme account which is available with most public sector banks. If you follow this process, you should be able to claim full exemption of the capital gains chargeable on the sale of the Mulund flat. Seek professional help from your tax advisor as he may suggest other options to save tax if the only reason you are buying a new flat is to save on capital gains tax. How do I go about correcting income tax for the last 15 years as the pension was less in years 2004 and I was in lower tax bracket.

Source: dna October 26, 2017 01:52 UTC