How is tax calculated on sale of apartment?
Section 54 of the Income-tax Act, 1961, provides for deduction against the long-term capital gain (LTCG) arising from the sale of a residential house being held for more than two years
I am selling my flat in Dharuhera, Haryana, and my mother is selling a flat in Laxmi Nagar, Delhi. We plan to invest the money from this sale in a single apartment in Gurgaon within a year. Do we need to deposit the money in any specific account? I am also taking a loan from my mother to pay off the home loan on my flat in Dharuhera and will her pay back from the proceeds of the sale. What is the tax liability with these transactions?