Buying home with adavance money

Tax queries 182 views 2 replies

10 Points Joined April 2019

I am selling a land and got 80% of money as advance but it will be registered after two month .

I am about to buy a flat with that money and its registered in another 10-15 days.

Will there be tax complication since I am registering the flat (which I am buying ) before the registration of land (which I am selling )

Replies (2)

Solicitor & Tax Consultant

308 Points Joined December 2008

there is no any tax complication, you can buy flat..

10 Points Joined April 2019

Thanks Vaibhav , that means I can show that capital gain from land is invested in flat and thus I don't have to pay 20% on that money ?

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