I bought Flat A in 2007, then I Bought flat B in Jan 2011. I Sold flat A in Mar 2011. Can I offset capital Gains tax of Flat A against Flat B.
2 Answers
As per section 54 of income tax, in case another residential property is purchased within a period of one year before or two years after the date on which the transfer took place purchased, for amount equal or more amount that capital gains earned, then there is no income tax payable.
Yes. You can. Please provide more details like amount, profit from sell and cost of purchase etc Regards, Ashok
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