My client had LTCG by sale of Flat of Rs 54 lakh. He invested the amount in new flat and claimed the Capital gain exemption. But within 2 years he sold the new flat and invested the amount in NABARD to continiue the exemption of the LTCG that he made by selling the old flat. Is the claim valid as per rule.
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Capital gain
Replies (5)
IT IS SHORT TERM CAPITAL GAIN
YOUR CLIENT HAVE TO PAY TAX FOR THE SAME
HOUSE PURCHASED CANNOT SOLD WITHIN 3 YEARS
NO ALTERNATIVE PAY TAX
I agree with Valji as you cannot make law as per your convenience.
Very True.... Agreed with...
I AGREE WITH VALJI
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