I earned 29 L long term capital gain on Sale of old residential house in 2016 and invested the whole amount in New under construction house which has been completed and dastavej done in 5/2018 . Now want to sell the same house before 5/2020.
So want to know
1. What will be tax implication on capital gain i.e. Past long term capital Gain and Present short term capital Gain?
2. Can i sell it now or there is lock in period to sell ?
3. Please advice.
After selling the house can I reinvest the amount in another new house purchase to save capital gain tax. Please advice on the matter and oblige.
Will past ltcg be reversed in this case if I sell and reinvest in new house?
2. Yes you can sell it.
CAclubindia
