Exemption on income tax

This query is : Resolved 
Quick Summary
This discussion clarifies the conditions for claiming income tax exemption on capital gains. If you purchase a new flat in February 2023 and sell another property in December 2023, you can claim an exemption. However, this is only possible if the capital gain from the property you sold qualifies as a Long Term Capital Gain.

Profile Image

Profile Image

(Querist)
06 February 2023 I wish to know if I can get exemption of income tax on capital gain if I purchase a flat in
Feb 2023 and sell another property in Dec 2023 .
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
06 February 2023 Yes, provided the capital gain from sold house property has Long Term cap Gain.
Profile Image

SADASIVAN THEKKEY VEETIL

Profile Image

SADASIVAN THEKKEY VEETIL (Querist)
08 February 2023 Thanks a lot for such a prompt reply.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
08 February 2023 You are welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member IMAMASAB SOGALADIMAMASAB SOGALADPro Member SUNEEL SHAHSUNEEL SHAHPro Member ketul vakilketul vakilPro Member NIKHIL GUPTANIKHIL GUPTAPro Member Sanjay RatnaniSanjay Ratnani
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category