Capital gains investment in house property
This query is : Resolved
Saurav Nayyar
(Querist)
04 May 2019
Sir,
I owned a residential plot that was purchased in 2009 and i kept in paying installments till 2014.The total cost including interest is Rs 65 Lac and the indexed cost comes to Rs 90 L till date.Now i sold it for 1.60 cr and have a gains of Rs 70 Lac and i want to purchase another plot from Re 70 Lac .Can i purchase a plot to avoid tax or a constructed one is the only option but i don't own any residential property in my name.
I owned a residential plot that was purchased in 2009 and i kept in paying installments till 2014.The total cost including interest is Rs 65 Lac and the indexed cost comes to Rs 90 L till date.Now i sold it for 1.60 cr and have a gains of Rs 70 Lac and i want to purchase another plot from Re 70 Lac .Can i purchase a plot to avoid tax or a constructed one is the only option but i don't own any residential property in my name.
CA R SEETHARAMAN
(Expert)
04 May 2019
Purchase a plot can't avoid tax. Either buy a house or construct one is the option.
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