10 February 2012
DEAR SIR IF I HAVING 3 FLAT (LONG TERM) AND I WANT TO SELL TWO OF IT, ADD MORE MONEY TO BUY BETTER FLAT WITHIN THE PERIOD OF 2 YEARS IN THAT CASE DO I HAVE TO PAY CAPITAL GAIN TAX PLEASE ADVISE THANKS TO ALL
11 February 2012
Should you sell a long term assets i.e flats.. and use the same for purchase of a residential HOUSE.. then the investment is required to be made within 2 years or for construction it is 3 years.. however note that till such time the funds are to be deposited into a capital gain scheme account with the banker and the proof to be adduced with the return of income..
CAclubindia
