Income tax on capital gain
This query is : Resolved
29 February 2012
My query is that if we have capital gain on sale of residential property but we did purchase a new property in one year so what will be the tax treatment and what penalty we will have to pay...
29 February 2012
Clarify whether the Gain is Short term or Long term.
If its long term then property can be bought within 2 years of transfer of property or 1 year before the transfer of property.
There is no penalty if bought within time limit as given in IT Act
If its long term then property can be bought within 2 years of transfer of property or 1 year before the transfer of property.
There is no penalty if bought within time limit as given in IT Act
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