Capital Gain on sell of property

Tax planning 331 views 3 replies

Anoop Agarwal

Manager

59 Points Posted on 22 December 2020

Dear Members

Greetings!

I have query related to Capital Gain on sell of property.

Actually I have one house on my name brought by me and is self occupied. Also i have got two properties after death of my parents though these are on the name of my parents only. From one of inherited property i am receiving rent and showing it in ITR. I have to sell second property of my parents.

How i can utilize my Capital gains to save tax?

How much time i will get to reinvest the Capital gain?

Can i take another house or construct house to save Tax?

If i take new house and put new furniture, will new furniture is considered as reinvestment of capital gains and help me in saving tax ?

How many property i can take using the capital gain?

Buying a plot or two plots will help me in saving tax on capital gain?

My questions are too much but this will help me in planning for my future actions.

I thank you in advance and wish a safe and healthy new year to the forum members

Replies (3)

bikram roul

8 Points Posted on 22 December 2020

One can save capital gains tax by investing sale amount to purchase a house within 2 years from date of sale or construct a house within 3 years from date of sale.

hari sarda

student

77 Points Posted on 23 December 2020

You also have the opportunity to save the tax and buy your appropriate property by depositing the same amount before due date of furnishing of income tax return in Capital Gain account Scheme.

you will also get time and also interest on the same deposit.

for further, contact harisarda01 @ gmail.com

Anoop Agarwal

Manager

59 Points Posted on 23 December 2020

Thankyou Bikram sir and Hari Sir for your quick reply. I had few further questions also like can i use the capital gain for furnishing my new house and can i buy plot from the Capital gains to avoid tax