Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Tax implications on resale of property

521 views

Save Share

Mamta Kochar

23 Points Posted on 13 October 2024

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)

Quick Summary

This discussion explores the tax implications of selling a property held for over 20 years. The user is seeking clarification on long-term capital gains tax and whether investing the sale proceeds into a new residential plot can exempt them from this tax. They also inquire about the tax treatment if the new property is sold quickly, potentially falling under short-term capital gains, and whether tax is only on the profit or the total sale amount.