long term capital gain on selling a resindential property

i hve a long term gain of 40 lakh by selling a resindential property in july 2011 and total capital gain is invested in 2 (15 lakh and 25 lakh)differnt property in aug 2011.i had sell both this property without any gain .now i have buy a duplex whose registry are held by different person in 2011.so what is my tax laibility

asked Sep 09 '11 at 13:31 by aadi 1455


As per section 54, tax benefit for long term gains can only be taken against a single residential property and more than one. And new residential house property has to be in the name of same person (either single or jointly owned).

As you sold newly purchased properties already and new duplex is also not in your name, you would have to pay tax on gains @ 20%.

answered Sep 09 '11 at 15:30 by pankaj 5.2k320

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Asked: Sep 09 '11 at 13:31

Seen: 1,423 times

Last updated: Sep 09 '11 at 15:30