Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

LTCG for property sold and bought new

492 views

Save Share

SunnyJ

Freelancer

78 Points Posted on 12 November 2024

My siblings and I sold our ancestral property recently. Assuming my share was X, I recently bought a flat and the cost is about 65% more than X.

What would be my tax implication?

Thanks

Replies (3)

Quick Summary

This discussion addresses the Capital Gains Tax (CGT) implications when selling an ancestral property and subsequently purchasing a new one. If the capital gains from the sale are less than or equal to the cost of the new property, and the purchase occurs within the specified timeframe, there may be no tax liability.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212529 Points Posted on 13 November 2024

If ancestral property was house property & if you have purchased new property within specified time period; and if your capital gains arrived from the sold property be equal to or less then X, then no tax liability.