08 August 2012
An old flat is sold for Rs.50lacs in 2011 and subsequently another flat is purchased in the current year for Rs.75lacs.However, the new flat is still under construction.Will it be necessary to pay any Capital Gains Tax,because the possession has not yet been obtained of the new flat?
08 August 2012
Construction even if it gets over within a period of 3 years it would be eligible for exemption.
only condition is the amount of capital gain (not sale consideration) should be invested in the new house or in capital gain account before filing of return.
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