Capital gain where reinvested property transaction cancel
This query is : Resolved
13 March 2014
I sold my 'A' flat in 2012, (which was kept for more than 3 years) and reinvested by purchasing under construction residential property 'B' by entering in to the agreement in 2013, subsequently I sold flat 'B' too in 2013 and reinvested in new residential flat 'C' in 2013.So my question is,
1. Whether I am eligible to take reinvestment benefit for capital gain arising out of sale of property 'A' for capital gain purpose by purchasing property 'C'?
1. Whether I am eligible to take reinvestment benefit for capital gain arising out of sale of property 'A' for capital gain purpose by purchasing property 'C'?
13 March 2014
forget any reinvestment benefit.
the sale of Flat B shall be taxed as short term capital gains.
For computation of cost of flat B the capital gains exemption claimed earlier shall be reduced from the cost.
the sale of Flat B shall be taxed as short term capital gains.
For computation of cost of flat B the capital gains exemption claimed earlier shall be reduced from the cost.
13 March 2014
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