sale proceed 740000/- cost 145000/- i have one house which was given as gift by mother capital gain or full consideration is use to purchase new flat jointly with 2 brother costing 2250000/- 1/3 part is mine and i will be first owner jointly with 2 brother pls give the answer
1 Answers
As your share cost in new flat is more than sale consideration price of old property, there won't be any income tax payable on gains from old property.
But make sure possession of new flat is received before end of two years from sale of old property.
Related