24 July 2008
If I sold a house within 3 years from its purchase and invest the same amount in purchase a new house whether it will be treated as gapital gian.
24 July 2008
Sale of a house property in three years will generate STCG and no exemption is available if a new house is purchased by investing the amount in new property. The exemption u/s 54 is available if the gain is from a residential house which is a Long Term Capital Asset and the amount of LTCG is invested in a new house in terms of that section.
CAclubindia
