Capital gain where reinvested property transaction cancel

This query is : Resolved

Kashyap (Querist)
Follow

13 March 2014 I sold my 'A' flat in 2012, (which was kept for more than 3 years) and reinvested by purchasing under construction residential property 'B' by entering in to the agreement in 2013, subsequently I sold flat 'B' too in 2013 and reinvested in new residential flat 'C' in 2013.So my question is,
1. Whether I am eligible to take reinvestment benefit for capital gain arising out of sale of property 'A' for capital gain purpose by purchasing property 'C'?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 March 2014 forget any reinvestment benefit.

the sale of Flat B shall be taxed as short term capital gains.

For computation of cost of flat B the capital gains exemption claimed earlier shall be reduced from the cost.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
Follow

13 March 2014 Now you can ask your query in online chat. without paying anything or becoming member.
For fast and quick real time reply click on following link and ask your query in online chat

www.arssolutions.co.in

-Abhishek Ranjan Singh
+919022838615

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now