I bought a property for 5 lac. Sold it after 15 yrs for 22 lac. Indexed value of property is 13 lac. Now do I need to invest only 9 Lacs in property to avoid capital gains tax or the complete sales proceeds i.e. 22 Lac.
Dear Ritesh you have to invest only 9 lacs in already built up residential property within 6 months of sale or invest it in specified capital gain bonds u/s 54EC before the closing of current financial year in which you have sold the residential property otherwise open a capital gain account in any nationalised bank and purchase a plot and construct the residential house within 3 years of sale.