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Answered on November 09, 2017
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  • Under scenario 1, if you sell your residential flat and invest the capital gain arising therefrom in another residential flat then the provisions of section 54 of Income Tax Act would apply i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act will apply and capital gains so arised shall be exempted...
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    Answered on November 09, 2017
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  • Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property. You could utilise the sale proceeds received from the Builder to acquire another residential property within a period of 1 year from the date of the sale to minimise and/or avoid capital gains payment.


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    Answered on November 09, 2017
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  • Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the property is held by you for a period more than 24 months than the same will be long term else short term. Assuming that the sale w...
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    Answered on November 09, 2017
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  • It seems that your case very well fits within the provisions of section 54 of Income Tax Act i.e selling one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act. Thus there will be no capital gain tax liability and you need not pay any taxes. Further the new residential property so purchased should be held by you su...
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    Answered on November 09, 2017
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  • In order to save tax on capital gains arising out of sale of residential flat, expemtion can be claimed under section 54 of Income Tax Act i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act. The new residential property so purchased should be held by you for subsequent period of 3 years. In case ...
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