We have a house in West Bengal which is estimated at 60Lakhs.
We are planning to sell it.
Case1: We sell it and Pay appropriate taxes
What would be our inhand cash in the end.
Case2: Exchange
Now instead of selling it is the below possible
We ask the buyer to purchase 2 flats of 30Lakhs each and transfer the ownership to us.
We transfer the ownership of our house to the buyer.
In case-1, you can calculate the capital gains by deducting the indexed cost of acquisition from the sale proceeds. Indexed Cost of Acquisition is calculated based on the year you purchase the property and the year you sale the same. Tax will be levied on Capital gains based on Long Term or Short Term holding.
In case-2, it will be considered that instead of money, you have taken flats against sale of the house. The value of flats will be considered as sale proceeds. Tax will be levied on the capital gains arrived at after reducing indexed cost of acquisition from sale proceeds.
Against sale of house, if you purchase another house you can claim exemption under section 54. Or if you invest in specified bonds, you can claim exemption under section 54EC.