Long term capital Gain tax saving doubt

Tax queries 147 views 2 replies

18 Points Joined November 2021

If Long term gain from Stocks/House sale is reinvested as new house/land/stocks then entire gain wont be taxable ? Please guide

if it is bought at 2020 and LT gain received in 2021 then can I use last year property/stocks that purchased to mitigate gain of next year 2021

if it is bought at 2022 and LT gain received in 2021 then can I use 2022 year property/stocks that purchased to mitigate gain of year 2021

Replies (2)

CMA

13117 Points Joined May 2009

Exemption is available for purchase of new house.

Time limit to buy the house is 1 year backward or 2 years forward from date of sale of existing asset.

For more, read about section 54 and 54f of income tax act.

Company Secretary

7085 Points Joined March 2014

Read and refer section 54 and 54f (Capital Gain Exemptions) of the income tax act

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