cpc

long term capital gain


Sir,
I have a property(Flat) sold in early 2015 which was hold for more than 3+ years.
I want to reinvest it in buying another flat. What is the timeline to invest it back, so that the tax exemption can be availed
Now while filing return for 2014-15, do I need to mention it as long term capital gain ?
As I will not use it for next 4/5 months do I need pay any tax on it.

please guide..
 

 
Reply   
 

Hello,

It is quite obvious when you stuck into legal matters and need expert advice for your issues. If you need to hire a legal professional, visit us http://www.ecourt.theetsglobal.com/

Register FREE and get expert advice from hundreds of professionals today!

 
Reply   
 


Proprietor

The Income Tax Act exempts the capital gains from the sale of a house if the taxpayer invests the gains in a residential property within two years from the date of sale or constructs another house within three years from the date of sale. This means, you cannot invest in a commercial property or land to save tax - you have to necessarily buy residential property only. If the property is under construction, the two-year period is further enhanced to three years. However, you should not own more than one house, besides the house you are investing in.

moreover you need not to pay tax now 

 
Reply   
 

Sir,
Thanks,  do I need to show the capital gain as an income while filing the return now (or for next 2/3 years depending on the reinvestment mode)
When I did it, the auto system need to pay certain tax

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

IPC Grand Course     |    x