Capital Gain on sale of Property

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If I book a property in say May 2011.  Sell a property in say Aug 2011 and invest the sale proceeds in the property booked earlier in May 2011.  How will the date of regn of sale impact my tax calculation?  How is the term of two or three years calculated to have no tax liability?  Will the registry date of the booked property impact the tax calculations?

Replies (1)

Hi ,  sorry you will not fall in that criteria , reason being section 54 applies only in case of long term capital gain and your is the case of short term capital gain , so you will not enjoy exemption under the head capital gain .Also you need to consider that exemption is available only in respect of house property and not any other property , for any other property you need to refer to section 54 F and that too also cover the case fo long term capital gain .

However answer to your second question is the date of transfer should be reckoned from the date of registration with authority .

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