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FAQ: How to save tax after reinvesting the capital gains? – Property Hotline
Posted
May 19, 2016
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91
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May 19, 2016
91
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5:26Now PlayingExpert: Suresh Surana, Founder of RSM Astute Consulting
Question: Melville had bought a flat 5 years ago for Rs. 15 lakh. He recently sold it for Rs. 38 lakh. He wants to know if it is necessary to reinvest the capital gains in another property to save taxes. He also wants to know if it is advisable to keep the gains in the bank.
Answer: Please note that as you have held the flat for more than 3 years, the long term capital gains arising on the same would be taxable. Firstly, for computing capital gain, you need to consider the indexed cost adjusted for inflation and as a result, your indexed cost will be substantially higher than the cost of Rs.15 lakh and you will need to pay tax only on the balance capital gain @ 20%.
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