Tax exemption on buying new property from funds procured on sale of old property
1 year ago
My father has sold an old property, now we are planning to buy a new house.
For that my father will provide funds procured from the sale of old property and I will apply for loan along with my brother in which me and my brother will be owners.
In such case will by father get income tax benefit; i mean will it be considered that my father bought new property within one year.
A.Dear Client
If you invest all the funds raised out of selling the old property within a stipulated time which I assume is within one year from the sale. To be very sure I would suggest that you get in touch with a CA with all the details as they are the masters in this field.
If you invest all the funds raised out of selling the old property within a stipulated time which I assume is within one year from the sale. To be very sure I would suggest that you get in touch with a CA with all the details as they are the masters in this field.
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A.Dear Client,
Since you have sold the old flat after holding for more than 24 months the profits arising on sale of this flat are taxable as long term capital gain. your father will get tax benefit if you buy a new property with in specified time.
Since you have sold the old flat after holding for more than 24 months the profits arising on sale of this flat are taxable as long term capital gain. your father will get tax benefit if you buy a new property with in specified time.
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