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Income tax on capital gain

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(Querist)
29 February 2012 My query is that if we have capital gain on sale of residential property but we did purchase a new property in one year so what will be the tax treatment and what penalty we will have to pay...
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Mihir Doshi

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Mihir Doshi (Expert)
29 February 2012 Clarify whether the Gain is Short term or Long term.

If its long term then property can be bought within 2 years of transfer of property or 1 year before the transfer of property.

There is no penalty if bought within time limit as given in IT Act
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