Sold property in Dec-12 and purchased new property Jan 13 , that time capital gain tax not applicable, but if i sold now in Jan-14 then what will be tax implication.
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Capital gain on sale of property
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claimed exemption gets disallowed i.e., where the new asset is sold with in stipulated period of its purchase/ construction the cost of new asset is to be reduced by the amount of CG exempted from tax on the original asset & finally the
New Asset sale price- Reduced cost = STCG of the sold year
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