Capital gain from house property
I have bought a flat at 24 lacs (flat plus garage plus stamp duty registration)11yrs back. I sold in on April 2023 at 47 lacs. The flat was in joint name of me and my wife. I had bought another flat in sept 2022 at 67 lacs. The loan of that flat is still getting paid by me.
My questions are as follows:
1. Do i have to re invest the capital gain part ie (47 lacs - 24 lacs) 23 lacs in house property or do I have to invest full 47 lacs?
2. Since I have bought a flat 1. 6 months before selling my earlier flat, can I get an expection or extension of 6 months. Since the rule says one has to reinvest in property eaither before one year or after 2 yrs of sale of old property.
3. Since I have invested the sale amount of my old flat in repaying part of my home loan of my new flat and still I am paying loan for my new flat, will that be treated as reinvestment of capital gain in new property?
4. The property was in joint name. So will the capital gain be split into 2 persons ie between me and my wife? So will my liability of capital gain will be 50% of 24 lacs ie 12 lacs?