I am planning to sell my residential house which i have bought it in 2011-12 FY. Total Sale consideration after indexation and other acquiring charges, it is around 20 lacs. I am planning to reinvest the complete capital gain to buy another house. Apart from this I am also owning other house in my native.
Please advise me on the Long term Capital Gain tax on this sale and how to reclaim the TDS deduction.
No capital gains tax liability when it is invested in another house property within specified time. (section 54). TDS can be claimed as refund by filling return of the corresponding ass. year.
Thanks for the response. This has cleared my doubt about owning other house(section 54F) and LTCG.
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