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Can capital gain tax be claim on selling all units of a flat? – Property Hotline
Posted
June 23, 2016
Views
65
June 23, 2016
65
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6:22Now PlayingBe Un Confused
Question: My society has 1 flat per floor sized 2,700 sq ft. Each flat is divided into 7 units. Each unit has a separate share certificate. Can I get an exemption on capital gains tax if I sell all the 7 units together and reinvest it in residential property?
Answer: We presume that all the 7 units will be considered as one single residential flat for the purpose of sale.
Exemption of capital gains tax occurs if utilization of sale proceeds in purchase of new residential house. Alternatively, capital gains tax exemption for investment in specified bonds.
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