praveen 18 November 2022
Sir
Me and my wife are holding a joint property of 2 BHK flat. I wish to buy a new property after taking 50% loan.
If I sell my previous property after Buying the new property. Can I take advantage of capital gain tax ?.
After how many maximum years of buying, I should sell the old property to get the benefit.
Q-2. The existing property is jointly held by me and my wife, will I get benefit of capital gain tax if new property is bought in joint name of my daughter and wife ?.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 18 November 2022
ince long-term capital gains are eligible for tax deductions under the Income Tax Act if you adhere to certain rules you can save something on the gains. The main condition for exemption is reinvestment of the total amount in a residential property.
praveen 18 November 2022
As per condition stipulated , reinvestment is compulsory But If somebody has already bought the property through loan,will the repayment at later date be treated as reinvestment?.
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