Flat purchased before sale of existing one through personal loans

In july 2015 we (self+wife)purchased a new flat (Mumbai)before our existing one got sold by taking personal loans from our sons and paying the price from their NRE-NRO accounts. We have sold the earlier flat now in July 2016 Are we liable to Capital gains tax if we are to pay back our sons from the proceeds of the sale of the old flat which almost equals the amount paid for the new flat?
Asked 1 year ago in Capital Gains Tax from Mumbai, Maharashtra
Dear Sir,

Could you please provide the date of Sale and Date of Purchase in order to provide you an accurate answer.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
1680 Answers
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Dear Sir,

You will be eligible for exemption under section 54 if you have sold your flat within 1 year of purcahse of new flat.

Please feel free to call/revert in case of any issues.

Thanks and Regards,
Abhishek Dugar
CA, CS, B.com
caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
1900 Answers
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No problem. You can claim exemption from capital gains
Shyam Sunder Modani
CA, Hyderabad
1377 Answers
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