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Where Taxpayers and Advisers Meet

Captal Gain tax exemption

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ypbahuguna
Posts:1
Joined:Tue Jul 10, 2018 10:05 am
Captal Gain tax exemption

Postby ypbahuguna » Tue Jul 10, 2018 10:21 am

Cost of flat is 1 crore which I am going to acquire. Part of flat cost Rs 25 lakh is paid to builder by selling a house in June, 2018.
For rest of the flat cost Rs 75 lakh, I have taken loan of Rs 75 lakh.
After loan disbursement of Rs 75 lakh, I am planning to repay homeloan amount of Rs 75 lakh within 5 months i.e. before March, 2019 by selling another house.
I would like to know whether I am eligible for capital gain tax or not? I have bought house in Year 2002.
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pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Captal Gain tax exemption

Postby pawncob » Thu Jul 12, 2018 12:39 pm

This is UK taxation.
With a pinch of salt take what I say, but don't exceed your RDA
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someone
Posts:696
Joined:Mon Feb 13, 2017 10:09 am

Re: Captal Gain tax exemption

Postby someone » Thu Jul 12, 2018 4:10 pm

This is UK taxation.
But if you are uk resident then you pay CGT.

https://www.gov.uk/tax-sell-property/selling-overseas-property

And if you are selling uk property you might also have to pay CGT. And you have 30 days to let hmrc know about the sale or face severe penalties (see the NRCGT thread) even if no tax is due.
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