Capital gain. - urgent

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varunprathee (Querist)
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27 August 2016 I sold my property as on Feb 8, 2014 and invested the capital gain in acquiring new property in Banglore on May 2014.

Now i wish to sell the Banglore property as on August 27, 2016. Now i understand that due to selling this property i wont be able to claim exemption. But can i now invest in new property under construction and Claim that property for exemption since I have done this before the allowed limit of 3 years.

Thank you for your answers.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 August 2016 No that is not allowed. You have to pay, capital gains tax for the asset sold in Feb 2014, has to be paid in FY 2016-17.

SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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27 August 2016 agree with the above response. this would tantamount to violation if condition for capital gains exemption.

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