Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2013
hi
can i buy multiple property (2or3 flats, of a plot and flat, ets) after selling my house.
i dont have any other property in my name
also if the amount deposited in Cap Gain Gaving A/C is not utilised 3 yrs after deposit is that amt taxable or that amt is tax free?
thanks
harshal
8928543484
can i buy multiple property (2or3 flats, of a plot and flat, ets) after selling my house.
i dont have any other property in my name
also if the amount deposited in Cap Gain Gaving A/C is not utilised 3 yrs after deposit is that amt taxable or that amt is tax free?
thanks
harshal
8928543484
CA PARAS BAFNA
(Expert)
16 June 2013
No one will deny you to purchase all whatever you desire.
.
You are required to invest your capital gains in one residential house or a single residential unit (if the multiple flats are purchased). To the extent -Capital Gains will be exempt.
.
Still the money is left- you are allowed to purchase any other property of your choice.
.
The unutilised money in Capital gains Savings account will be taxable as LTCG in the year in which the time limit gets over.
.
.
You are required to invest your capital gains in one residential house or a single residential unit (if the multiple flats are purchased). To the extent -Capital Gains will be exempt.
.
Still the money is left- you are allowed to purchase any other property of your choice.
.
The unutilised money in Capital gains Savings account will be taxable as LTCG in the year in which the time limit gets over.
.
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