Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2012 Dear Sir

I slod a residential plot in Municipal Limit please advice me for to save capital gain tax, can i purchase residential Plot?

Thanks & Regards
S. S. Fand

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 July 2012 Only purchase of plot is not sufficient.
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The Plot sold must have been held by you for more than 3 years.
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You have to construct a house on the new plot within 3 yrs time from the date of sale of old plot.
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To get full exemption you have to apply entire old plot's sales consideration.
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