Long term capital gain and section 54
Querist : Anonymous
I have a query and i need your help.Kindly see the details below.
1. I sold a house which was purchased in the year 2007. House was given on rent when i sold it. Purchase price was 25 Lac and Selling price was 38 Lacs
2. I also sold another house where i was living. It was purchased in August 2011 and sold in September 2014. Purchase price was 35 Lacs and selling price was 70 Lacs. Will i get the benefit of section 54 for both the sales.
3. Now i am planning to reinvent the money which i have got from these two transactions.
Please advice how much is the capital gain on the transaction and can i invest all in the new house whose cost is more than the gains i have made.
Querist : Anonymous
yes, you can invest in the house whose cost is more than the gains you made.
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