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Capital gain tax on old property if new property is bought

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Vinit

Taxpayer

21 Points Posted on 07 May 2024

I own an apartment in Pune, Maharashtra. I am planning to buy another large size apartment in Pune only. I have shortlisted few apartments which are currently under construction and expected possession is 3 years from now (Jun'27).

Do I have to pay capital gain tax if I sell my old apartment after possession of new apartment (post Jun'27)? Is there in time limit within which I can sell my old apartment to avoid capital gain tax?

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Quick Summary

This discussion clarifies capital gains tax implications when selling an existing property to purchase a new one. It addresses whether tax is payable if the old flat is sold after taking possession of a new under-construction flat. The advice given suggests selling the old apartment within one year of registering the new flat to potentially avoid capital gains tax.