16 January 2018
I sold the old Flat in which I was living for Rs 22 Lakhs this financial year. The Capital Gain will not exceed Rs 7 Lakhs in any case. My question is that if I buy a new residential Flat for exactly Rs 8 Lakhs in the same financial year, will I have to pay any tax at all on the sale of my flat ? I am referring to Section 54 tax exemption. Assume that the Capital Gain calculation is correct. Also I will not have more than one house at any time. I ask this question because someone confused me with the term ‘sales proceeds’.
CAclubindia
