what should be done from the amount received from the sale of property (land/building) less than 24 months?
For how much period should it be in the bank account before making any kind of investments?
Should the amount be taxed as normal or capital gains tax?
6 Replies
ajeet singh
(1392 Points)
Replied 21 January 2020
Before the end of fy in which amt received in separate capital gain account
Avtar Singh
(363 Points)
Replied 21 January 2020
Sale of property within
24 month is a short term gain and taxable as normally.
24 month is a short term gain and taxable as normally.
CA Arun Tiwari
(Partner)
(5955 Points)
Replied 23 January 2020
Sec 54 Series of the Income Tax Act gives the benefit to the Taxpayer to exempt their income from the Capital Gain (here , Short term )
So if you have proceeded from the Short term capital gain (sale within 24 months from the date of purchase) then you can invest the same sale consideration amount in the required capital asset as required in the relevant section.
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