Geeta 15 September 2019

Capital gains

I sold my apartment in December 2017. It had been purchased nine years earlier with my own savings( it was not inherited). 1] To avoid paying capital gains should the money be reinvested with two years or three years from date of sale? 2] In case no property is purchased with the sale proceeds at what rate will capital gains tax be charged?

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4 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 16 September 2019

Please contact a good Chartered Accountant with full details and documents.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 16 September 2019

If you are not immediately buying a new property the money should deposited in capital account available with banks until you purchase the new property. Further if you do not purchase another house or invest in a new house within the period limit, your capital gains will be taxed in the year in which the period expires.