I bought a property for 5 lac. Sold it after 15 yrs for 22 lac. Indexed value of property is 13 lac. Now do I need to invest only 9 Lacs in property to avoid capital gains tax or the complete sales proceeds i.e. 22 Lac.
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Capital Gains Tax
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You have to invest LTCG amount in buying new property minus cost of acquisition with benefit of cost inflation index ( 22lacs-13lac = 9 lac.)
RIGHT U CAN PURCHASE THE PROPERTY OF RS. 900000 OR DEPOSITE THESE AMOUNT IN CAPITAL GAIN ACCOUNT 1988 FOR CLAIMING THE DEDUCTION
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