by vaibhav sankla director hr block indiait liability on realty salei and my wife jointly booked a 3bedroom flat at faridabad in july 2009 it was a constructionlinked payment mode i paid about rs 927508 from own resource fund and took a housing loan of rs 1600000 from lic housing finance out of which rs 899657 was disbursed to the builder the flat is not yet ready now i sold the flat for rs 1827165 plus with a premium of rs 526228 the total sale price is rs 2353393 i repaid the outstanding housing loan to lichfl in december 2011 the total repayment amounted to rs 937543 including foreclosure charges i invested the proceeds into a dda flat at rs 1950000 and paid a registration charge of rs 87665 for which i took a loan of rs 800000 from corporation bank how can i benefit jit biswasthe transaction has resulted in a shortterm capital gain note that the tax benefits on reinvestment in another house or in bonds are available only in respect of longterm capital gains the shortterm capital gain will be taxed as per your applicable slab rates you can mitigate your income tax liability on the shortterm capital gains by booking shortterm capital losses on any other capital assets which you may be holding such as shares mutual funds etc tax on overseas income my son who was a resident indian was working till midjanuary 2012 in india from then on he has joined a company in england and is earning his salary in pounds less tds will he have to add his uk salary in his total income while filing his income tax returns for fy12 in india peswani ban ordinary resident in india is liable to pay income tax in india on his worldwide income therefore your son will be required to pay taxes in india on the salary he receives in the uk from january 2012 to march 2012 however while discharging indian income tax liability on the salary received in the uk he will be able to claim credit of income tax paid on such salary in the uk in accordance with the provisions of section 90the views expressed are of the author and may not reflect the views of hr block india