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Saravanan (NA)     15 October 2012

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..



I am more confused…..pls help


 2 Replies

Sivadas Chettur (Chartered accountant)     15 October 2012

You can invest only in one house for claiming exemption.

H.M.Patnaik (Proprietor)     16 October 2012

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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