Capital gains tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Please help urgently w.r.t. CGT after sale of a property?

I am selling a flat which will attract CGT. now i will be wanting to invest in total 3 residential properties. One for my self and 2 for my father's brothers sons.

1. please advice will i need to pay CGT?
2. how many properties can i buy to save CGT

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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29 May 2012 You can buy only one residential house to save the capital gains arising out of the sale of property.

So, accordingly, You will get the deduction od one house from the capital gains.