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
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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