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India - Managing the Impact of the Global Financial Crisis

India - Managing the Impact of the Global Financial Crisis(Speech delivered at the Confederation of Indian Industry's National Conference and Annual Session 2009 in New Delhi on March 26, 2009. - By Duvvuri Subbarao, Governor) Introduction 1. Less th

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CAPITAL GAIN

Posted by suren

DEAR EXPERTS,

I HAVE GOT POSSESSION OF MY NEW FLAT (COST 20 LACS) IN FY 2009-10 WHICH WAS BOOKED IN FY 2006-07 AND PAYMENTS WAS MADE AS PER THE WORK PROGRESS OF THE BUILDING ACCORDING TO AGREEMENT.BANK LOAN IS ALSO AVAILED .

I PROPOSE TO SELL MY 12 YRs OLD FLAT(COST 7 LACS) AT ABOUT Rs 21 LACS VERY SOON HOWEVER TRANSACTION MAY TAKE PLACE IN FY 2010-11.

MY QUERY IS THAT :-
ANY CAPITAL GAIN WILL ATTARACT ?
KINDLY GUIDE ME WITH SECTION NOs AND CAPITAL GAIN CALCULATIONs .

THANKS & REGARDS

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