One house property was purchased in 2005 for Rs.2.75 lacs.Now I sold the same for Rs.4.75 lacs.And purchasing another house from housing board for Rs.22.50 lacs, and amount received from the sell of old house ie. Rs.4.75 lacs shall be paid to housing board, cast of house(Rs.22.75).
Shall I be liable to pay INCOME/PROPERTY TAX for the sell amount Rs.4.75 lacs ? I am already in upper limit for IT (30%).