Exemption for capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2015
Sir
Suppose a residential plot is sold and the gain is invested in purchasing a plot, can the capital gains tax be exempted.
I assumed that the gains should be invested in purchasing an house(only one house) to claim the exemption under the scheme.
please clarify.
Suppose a residential plot is sold and the gain is invested in purchasing a plot, can the capital gains tax be exempted.
I assumed that the gains should be invested in purchasing an house(only one house) to claim the exemption under the scheme.
please clarify.
30 December 2015
Yes it should be invested in purchasing a residential house only.
30 December 2015
Reinvestment in plot alone will not entitle you for an exemption from payment of capital gains tax.
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