LONG TERM CAPITAL GAINS
This query is : Resolved
K.V.Krishnaswamy
(Querist)
29 July 2020
Mr X sold his residential plot in February 2019 and had earned Long term Capital gain of Rs.60 lakhs. He avoided paying Long Term Capital Gain Tax by reinvesting the entire amount of capital gain along with his own funds by buying a second-hand flat for Rs.78 lakhs in July 2019. In case he wants to sell the reinvested flat, what is the period upto which he should hold the said flat without attracting LTCGT?
CA R SEETHARAMAN
(Expert)
29 July 2020
The holding period is 3 years from the date of purchase.
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