Sir,
I have the old house at my native , after expire of my father me , my brother & mother decided to sell the property & purchase the new 2 properties at my & my brothers working location.
Now my property is very old & we have to sell that property to Rs XXX amount. As per sec.--- if we sold the property with Rs XXX then we have to invest that amount in purchase of only 01 property of same amount or more amount to exempt from property gain tax.
Is it Coorect?
If Yes , Please give solution to overcomethis situation.
Kindly give your advice on this.
CAclubindia
