I have received around Rs 55.00 Lakhs as my share in the sale of ancestral home. The long term capital gain was Rs 54.00 Lakhs. I have bought a 18 year old apartment for Rs 46.00 Lakhs within 2 years from the receipt of my share. I have paid capital gains tax for Rs 8.00 Lakhs. Before the end of three year period I have sold this apartment for Rs 49.00 Lakhs. What is implication of capital gains tax rules?
CAclubindia
