Sohil (Manager) 29 June 2015
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..
Mimi Banerjee 01 July 2015
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 https://www.ecourt.theetsglobal.com/
Register FREE and get expert advice from hundreds of professionals today!
VARUN MAHAJAN (Proprietor) 01 July 2015
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
Sohil (Manager) 10 July 2015
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
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
