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FAQ: Are deductions of maintenance of a property beneficial? - Property Hotline
Posted
May 26, 2016
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May 26, 2016
17
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3:53Now PlayingExpert: Ashish Sodhani, Associate international tax practice, Nishith Desai & Associates.
Q: I own a home in Mumbai and want to buy another house. I plan to sell my house and invest 50% of the amount in a new house. I plan to keep the remaining 50% amount in the bank. Please tell me about the tax impact.
Answer: For the 50% amount you want to re-invest to buy another property; if it is invested within three years into a construction or a residential property, there are no taxes. You have the right to keep the remaining 50% of the amount in the bank account.If you do not invest that money on the property you have already purchased, it becomes taxable as per capital gains. Capital gain tax is the tax on the profit made from selling the property.
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