How is the tax on the sale of an apartment calculated?
I am selling my flat in Dharuhera, Haryana and my mother is selling a flat in Laxmi Nagar, Delhi. We plan to invest the money from this sale in a single apartment in Gurgaon within a year. Do we have to deposit the money in a specific account? I also take out a loan from my mother to pay off the mortgage on my apartment in Dharuhera and will she pay her back with the proceeds of the sale. What is the tax burden associated with these transactions?