Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - Guidance needed-Capital gains implication

xbox360 · 24-02-09

I had bought a flat in 2004 for 25 laks that i sold off in June 2008 for 45 laks. In the Meanwhile i had booked a independent house in Feb 2006 for 65 laks for which i pay EMI with 7.5 laks as interest per year and 2.5 laks as principal repayment. This property was registered jointly in my name and my wife's name in April 2008. I have further invested ~10 laks in the interiors of this house in the past 1 year.

Assuming i made 20 laks as long term capital gains from the sale of my flat, can i nullify the same against the 10 laks i have spent on interiors and the EMI that i pay for my new house?
Will appreciate any guidance in this regard.

24-02-09	#1
xbox360 New Member Join Date: Feb 2009 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts	Guidance needed-Capital gains implication I had bought a flat in 2004 for 25 laks that i sold off in June 2008 for 45 laks. In the Meanwhile i had booked a independent house in Feb 2006 for 65 laks for which i pay EMI with 7.5 laks as interest per year and 2.5 laks as principal repayment. This property was registered jointly in my name and my wife's name in April 2008. I have further invested ~10 laks in the interiors of this house in the past 1 year. Assuming i made 20 laks as long term capital gains from the sale of my flat, can i nullify the same against the 10 laks i have spent on interiors and the EMI that i pay for my new house? Will appreciate any guidance in this regard.