16 June 2011
I have sold a plot now. I will receive the payment after four months(Oct). I have one more house in my name. I want to purchase a new plot with the sale proceeds of the plot to avoid capital gain. I have to make the payment of the new plot after three months(Sep). My query is that Since the sale will take effect after four months and I want to purchase the new plot after three months, Is the purchase of new plot be adjusted against the old plot? In this way, can the capital gain be escaped?
16 June 2011
THERE IS NO CAP GAIN EXEMPTION IF U SELL PLOT AND BUY PLOT CAP GAIN EXEMPTION IN THIS CASE CAN BE CLIAMED IF U SELL PLOT AND PURCHASE/CONSTRUCT A RESIDENTIAL HOUSE
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