Can I save on long term capital gain tax if I sell my existing residential house and invest in new residential house

Q: I already have two more properties in India which have been rented out. Pl reply to apeejay48@hotmail.com
Thanks, Arvind J

Arvind Junagade, Apartment Resident, Pune

20th August 2014

Property Selling in Gurgaon

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Replies (2)

Hi,
To get instant reply list your property for sale or you can call on this toll free number (1800) (180) (180) (180) Or List your property for sale at List property for sale to find right buyer

Samar, Gurgaon

21st August 2014

Comment

HI,
Yes, there is a provision that an individual can save long term capital gains tax by reinvesting the amount into another capital asset. But there are a couple of main changes that have been proposed by the budget which will impact the manner in which an individual does their planning on this front.

Shree, Gurgaon

21st August 2014

Comment

@Arvind,
The existing provisions under Section 54 state that where a capital gains arises from a long term asset in the nature of a building or land and being a residential house and the gains here are reinvested in another property either through a purchase one year before or two years after the sale or the construction of another property within three years of the sale then the capital gains would be exempt.

Sayatani, Gurgaon

21st August 2014