Taxes on new property purchase after selling old one.

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This query is : Resolved

Rita Joshi (Querist)

14 August 2014 Rules under Section 54 if sold flat is in just my name and new purchase in the joint name of me and my husband. Will be eligible for rebate under section 54.

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 August 2014 if the property purchased earlier is a residential house, then you will get complete exemption from capital gains under section 54 by investing the capital gains so earned on the sale of the earlier property

where the property is not a residential house and as on sale of the property, you dont own more than one residential house, you can get exemption from capital gains under section 54F by investing the whole of the consideration received for purchase of a residential house.

Rupesh Jain

Rupesh Jain (Expert)

14 August 2014 you take the benefit under u.s 54 for selling of residential house and but new residential house .

if your property is not the residential house then you can get benefit u/s 54F.

CA UMESH DULAL

CA UMESH DULAL (Expert)

14 August 2014 This benefit is available if the sold property is long term capital assets.

in case of flat, it is long term capital asst if you have hold for at least 3 years after purchase.

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