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Capital Gain

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shailesh

Service

227 Points Posted on 26 February 2020

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.

Replies (8)

Quick Summary

This discussion clarifies capital gains tax implications when selling a property. It explains that while the initial long-term capital gain (LTCG) from selling an old house might be exempt under Section 54 if reinvested in a new one, selling the new property before a certain period will incur short-term capital gains (STCG) tax. The STCG is taxed at your regular income tax slab rate, including cess. The thread also confirms that you can sell the property, but reinvesting the proceeds from this sale into another new house won't exempt the STCG.