I bought the apartment from builder for 23 lks got it registered for 8 lks in 2005.
I took loan for 17 lks, rest 6lks I paid through cheque. So no black money involved here

Now, in 2009, I am selling it for 28 lks.

I am buying a home immediately for 30 lks.

I know that according to Sec 54 of IT law, selling a property you held for over 3 yrs AND
when you are reinvesting the capital gain in a residential house within 3 yrs will not attract any tax on capgain.

I want to know how does the IT determine the exact capgain I have made,

Is it based on the 'sale deeds'?

If so, then how do the IT comprehend the fact that I have registered for 8lks and actually taken a loan for 17 lks?

Now, given that my loan outstanding is 14 lks, my question is how much should I allow my purchaser to register my flat and for how
much should I get my new house registered in order to adjust the capital gain so that it gets tax-emempted?

Another question, for suppose my purchaser registers my flat for an amount 22 lks, this means according to the sale deed,
I have made 22-8 = 14lks capital gain, he issues a 14 lks cheque to close my loan, issues 8 lks cheque in my name,
for the rest 6 lks if he pays me through cheque, will that be a problem for me when IT sees this transaction, given that I am planning
to reinvest the entire 8+6 = 14 lks into my new house.

Too confused! Somebody pls try to answer my query.

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