19 June 2024
I recently purchased a house for Rs. 60.4 lacs on 08.06.24 and want to sell it for Rs. 1.00 crore to purchase a bigger house worth Rs. 1.5 crores. Please advise the Income Tax liability given the short-term Capital gain considering the reinvestment of the whole money for buying a new property.
19 June 2024
Unless you held the property for two years or more, the gain will be short term, and you cannot get any deduction by reinvestment in another house property. The gain will be taxes as per slab rate.
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