Question on long term capital gain
This query is : Resolved
01 July 2018
Hi,
We have sold a plot in May 2018, we inherited this plot via Will, but this plot was not diverted, so I am not sure whether it is residential or commercial. With the sales proceeds I would like to buy a residential apartment/Flat either 'ready to move in' or under construction. I would like to know how much time do I have to buy the apartment before I am charged long term capital gains tax.
Do I need to show this transaction in my IT return for the year 2017-2018.
Please note that I already have a house on my name but this one will also be sold within one month and I will combine the sales proceeds from this house and the plot mentioned above to buy a new apartment.
Thanks
We have sold a plot in May 2018, we inherited this plot via Will, but this plot was not diverted, so I am not sure whether it is residential or commercial. With the sales proceeds I would like to buy a residential apartment/Flat either 'ready to move in' or under construction. I would like to know how much time do I have to buy the apartment before I am charged long term capital gains tax.
Do I need to show this transaction in my IT return for the year 2017-2018.
Please note that I already have a house on my name but this one will also be sold within one month and I will combine the sales proceeds from this house and the plot mentioned above to buy a new apartment.
Thanks
01 July 2018
Please see section 54F of the IT act,1961 in www.incometaxindia.gov.in
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