Capital gain

gopalaswamyb (Querist) 09 August 2012 This query is : Resolved
A person disposes his property. immediately he purchases a property under construction
more than the value of the property sold. he pays from the consideration received by the sale. what is the procedure . Is he still open an account for capital gain in the S B I or how to intimate the tax people kindly clarrify

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A V Vishal (Expert) 09 August 2012
There is no capital gains since the value of the new property is more than the old one and the entire sale proceeds are utilized towards acquisition of the new property, however the sale and purchase have to be declared in the tax return of the year in which the sale took place.

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