Upgrad LLM

tax exemption


 

I sold a property and i know abt CGT ,after calculating the inflation ..index..I have a Long Term Capital gain tax for 86 lakhs. I want to know …whether i can invest in 3 Residentail Apartment which costs(45 Lakhs , 25 lakhs and 16 Lakhs ) respectively.

In one of the article some one told ..only one property can be bought to avoid tax..

Ref:

http://www.caclubindia.com/forum/long-term-capital-gain-re-investment-192003.asp#.UHvu52_A9vA

I am more confused…..pls help

 
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Chartered accountant

You can invest only in one house for claiming exemption.

 
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Proprietor

Yes, ucan invest the sale value to acquire any number of properties, but for the purpose availing exemption only one property can be considered.
 
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