Capital gain. - urgent
This query is : Open
varunprathee
(Querist)
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.
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
(Expert)
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
(Expert)
27 August 2016
agree with the above response. this would tantamount to violation if condition for capital gains exemption.
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