Ramachandran
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What is the tax liability if I invest my capital gain from resale of existing flat into a under construction property
Q: I purchased a property for 40 lakhs in Jan 2013. Now I want to sell the same in Nov 2017 for 60 Lakhs. I will be investing the entire amount for purchasing a new property but the same is an under construction property and as such I would be paying for the same only as per slab completion which will take 4 years to complete. Will I be liable to pay any tax on the gains since the entire money is not getting invested in a single year?

Latest Answer: Hello Ramachandaran, Capital gains tax (CGT) is charged on the gains in the financial year in which the capital asset is transferred, but the tax is only payable in the financial year in which the money from transfer or sale proceeds are actually received by the assessee.

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