Ganesh Narasimhan (Dy Manager) 05 February 2012

Capital gains : sell two houses buy one house

Hi , I have two apartments in pune (over 10yrs old) that I want to sell , and re invest the proceeds to buy a single big apartment in bangalore . If the new apartment that I purchase in bangalore costs more than sum of the amounts I get from selling both the pune houses, then can I claim capital gains exemption for both sale transactions in pune? I plan to reinvest within a period of one year in the new house in bangalore.

Best Regards,

Ganesh

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4 Replies

POOVENTHERA RAJAN (Taxation Advocate) 08 February 2012

Chaitanya_Lawyer_Mumbai (Lawyer) 08 February 2012

Yes.You can.

Ganesh Narasimhan (Dy Manager) 08 February 2012

Hello Chaitanya,

There are two conflicting replies to my question.......... personally I would want your answer to be the right one :) mainly since this is a dilemma I am facing and hoping to minimise my tax liability.

I would be most grateful if you could substantiate your answer with some data

Best Regards and lots of thanks,

Ganesh Narasimhan

Bangalore