Capital Gain Tax - I purchased property
1 year ago
I purchased property A in 2010-11 for Rs. 2 lakhs. Purchased property B in 2022-23 for Rs. 40 lakhs and sold property A for Rs. 25 lakhs in 2022-23 but after purchase of property B.
Can Long Term Capital Gain on sale of property A be considered as reinvested in property B and exempted from paying long term capital gain tax.
Subhashis Paul
Responded 1 year ago
A.No sir it will not be considered since you have purchased property B earlier and then you have sold the Property A. Hence you will not get any exemption... But for better clarification you may consult with any Chartered Accountant or Income Tax Professional to provide you the best possible remedy. You may also follow the recent updates on the Income Tax Act.
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A.Dear Sir,
You may go to any chartered accountant who may answer you correctly by reading latest and recent amendments of Income Tax Act.
You may go to any chartered accountant who may answer you correctly by reading latest and recent amendments of Income Tax Act.
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