Long term capital gain taxation
B.S.NARAHARI
(Querist) 14 March 2021
This query is : Resolved
Namaste sirs
I sold one residential vacant plot in North Bangalore and with this sold amount, im planning to purchase the Flat in the apartments which is 10 years old.
Now do i need to pay 20.8% capital gain tax even after purchasing the resale house ( not new house ) in the apartment.
Please advice
Regards
Narahari
Sankaranarayanan
(Expert) 22 March 2021
Without ascertain the capital gain your question can not be answered but two years from the day of selling your old property to buy or construct a new property to be eligible for the tax exemption. Moreover, you will be eligible to claim tax exemption under section 54F
