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Is the subject required to pay capital gains tax ?

Others 189 views 2 replies

If a person was not able to sell property A because there were no buyers at that time and managed the funds required to buy a new property B on his own (say takes money from various sources) and buys it, and say later on when he gets the correct price for A, he sells A and repays the loan he acquired from various sources to buy B, is he subject to capital gains tax for selling A now ?

 

Replies (2)

No, if time gap between both the transactions is less than 12 months!

time gap can be 24 months and the property should be residential property


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