Reinvestment of capital gain from residential property sale

This query is : Resolved

Dipak (Querist)
Follow

20 October 2014 Sir, if I sell a residential property today and reinvest the entire capital gain amount, in one shot in buying another residential property (multiple-storied apartments) within 1 month where the property is under construction and shall be ready for possession within 24 months, would there be any Capital Gain Tax? If no, do I need to register the property or just a Sale Agreement would suffice? In other words, how do I avoid any CG tax in such an event? Thanks in advance. Dipak

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

20 October 2014 no capital gains are to be paid. by investing you have already saved the capital gains tax.

registration will happen only once the property is ready. Right now only will be the normal purchase agreement.