Query about capital gain

Vinod Lakshmanan (Tech Lead) (47 Points)

01 May 2012  

Hi All,

I have a query about capital gains from sale of property. 

I sold a residential property ("Property 1") worth 43 lakhs in Jan 2010 and got 16 lakhs capital gain from the proceeds. I then invested 30 lakhs in a new property in June 2010 ("Property 2").

I now wish to sell "Property 2" as I need cash in hand soon for investing in "Property 3". I expect the sale to be about 40 lakhs.

I have the following queries:

1. Is there any way I can sell "Property 2" within 3 years without attracting capital gains ?

2. How much capital gains would I have to pay if I sold "Property 2" within 3 years?

Kindly let me know.

Thanks,

Vinod