LTCG on sale of flat now , where as i have one flat already purchased 10 month back

please guide me on my above question - if i buy new residential house from sale of existing flat do i have to pay LTCG ? pls note i have already one more flat purchased 11 month back

asked Mar 27 '11 at 08:06 by svj 1111

In case cost of new flat is more than the capital gains earned from old flat (old one is sold after minimum three years), then there won't be any income tax payable, according to section 54. Does not matter how much more properties you have.

answered Mar 29 '11 at 13:46 by pankaj 5.2k320


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Asked: Mar 27 '11 at 08:06

Seen: 1,604 times

Last updated: Mar 29 '11 at 13:46