Capital gain
This query is : Resolved
10 February 2012
DEAR SIR
IF I HAVING 3 FLAT (LONG TERM) AND I WANT TO SELL TWO OF IT, ADD MORE MONEY TO BUY BETTER FLAT WITHIN THE PERIOD OF 2 YEARS
IN THAT CASE DO I HAVE TO PAY CAPITAL GAIN TAX
PLEASE ADVISE
THANKS TO ALL
IF I HAVING 3 FLAT (LONG TERM) AND I WANT TO SELL TWO OF IT, ADD MORE MONEY TO BUY BETTER FLAT WITHIN THE PERIOD OF 2 YEARS
IN THAT CASE DO I HAVE TO PAY CAPITAL GAIN TAX
PLEASE ADVISE
THANKS TO ALL
CA. Hari Kishan
(Expert)
11 February 2012
Should you sell a long term assets i.e flats.. and use the same for purchase of a residential HOUSE.. then the investment is required to be made within 2 years or for construction it is 3 years.. however note that till such time the funds are to be deposited into a capital gain scheme account with the banker and the proof to be adduced with the return of income..
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