Tax implications on resale of property

Tax queries 196 views 2 replies

I have sold a property held for 20 years at 22 lacs, I beleive I am liable to pay 12.5% long term capital gain tax.

Suppose I invest in a new property and buy residential plot of 22 lacs so I beleive I don't have to pay abovesaid 12.5% . If I sell again new property at 23 lacs within a month will it fall under short term capital gains? Do I just need to pay tax for only 1 lacs ? Please suggest my tax implications

Replies (2)
Either purchase a new property or a seperate extension to get relief from capital gàns.

Is my tax liability only for 1 lacs capital gains or total 23 lacs received ?


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