Capital gains tax

Guest (Querist) 08 August 2012 This query is : Resolved
A flat was sold and within 2 years from the date of sale,full-price was made for purchase of another flat.However,the new flat is still under construction.The price paid for the said flat was higher than the sale-proceeds of the old flat.

Will there be any liability for payment of Capital Gains Tax?

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ABHIJEET PARIKH (Expert) 08 August 2012
No Liablity of payment of Capital gains will be applicable as per the law if u have paid entire proceeds after providing for indexation (inflation) and brokerage fee if any of the previous property and for under construction property u get 3 yrs hence there shall be no cap gain liablity on u (if the flat sold was held for more than 3 yrs)

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