Capital gain
This query is : Resolved
Sk.Alamgir
(Querist)
28 January 2013
Any Individual person Sell a residential flat and after 4years he purchase a new residential flat. He will liable to pay tax or not?
CA PARAS BAFNA
(Expert)
28 January 2013
Tax liability arises on Income. Income is earned when something is sold. So, at the time of purchasing generally no liability arises if you can explain the source of money invested.
.
There might be tax liability when the person sold the residential house. Then ...the entire " Film" goes in the "Flash Back".
.
There might be tax liability when the person sold the residential house. Then ...the entire " Film" goes in the "Flash Back".
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