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?
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.
No problem. You can claim exemption from capital gains
