tax exeption

Hi Pankaj I would like to sell my property and buy a another property which is under construction and may take more than 5 yrs to complete. Will i still have to pay the capital gains tax?

asked Apr 12 '11 at 01:16 by tas 111

To save income tax on capital gains, new house must be constructed within three years of sale of old property.

In case its not over in three years, tax will have to be paid.

answered Apr 12 '11 at 10:50 by pankaj 5.2k320


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Asked: Apr 12 '11 at 01:16

Seen: 975 times

Last updated: Apr 12 '11 at 10:50