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