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Capital gain Tax related question needs an answer
27-Feb-2023 (In Tax Law)
I have a query regarding capital gain on more than one property. I am selling one house in March 2020 and I am planning to invest in another house within 2 months to save the capital gain , but I have another house which is also I am planning to sale in the next financial year so shall I get exemption on capital gain tax on investing in one property even after selling in two consecutive financial year. Is there any limit on how much capital gain to be invested ? & Capital gain of two properties sold in consecutive financial year can be reinvested in buying one single property within time limit prescribed
To avail the Exemption on Capital Gains Amount on the sale of Property, you have to reinvest whatever may be the capital gains you gain from such sale of property, however, if you reinvest more than 2 Crores as the capital gains earned from the selling of property in a new property, then exemption will be available for 2 Crores only, on above & beyond 2 Crores, you have to pay 20 percent of the LTCG Tax on whatever gains beyond 2 Crores you will make on selling of such property. As far as your other questions are concerned, I'll prefer to answer on call.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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