Capital Gains

by Pam
(Massachusetts)

I recently bought a condo and have an adjustable rate mortgage. Shortly afterward, I sold my house and cleared about $26,000. I want to pay down my current mortgage and refinance it to a fixed rate. The refinance can't happen until January. Would it help my taxes if I paid the $26,000. on my principle before the end of the year?

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Capital Gains

by Vishwa
(Pathankot)

Mr. Sudesh Sold his house on Ist May, 2009 for Rs 12, 00,000. This house was purchased by his
father in 1960 for Rs 50,000. Mr. Sudesh got this house in inheritance on the death of his father in
1977-78. On 01.04.1981 fair market value of this house was Rs 150,000. On Ist December, 2009
he purchased another house for Rs 2, 50,000. For the assessment year 2011-12 calculate his
capital gains.

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