Capital gain tax on selling of property
This query is : Resolved
Debashish Sen Gupta
(Querist)
18 February 2023
Dear Sir, Need guidance on selling of property and attraction of capital gain tax. To save on capital gain tax can one purchase second property pre and post selling of the first property? What is the time frame for such transactions? Points to keep in mind while doing such transactions to save on tax.
Thanks
Thanks
Dhirajlal Rambhia
(Expert)
18 February 2023
Yes, if you have plan to sell your house property, you can save long term capital gain by purchase of another house property within period of 1 year before or 2 years after sell of first property. Refer sec. 54 Of IT act.
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