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What is the tax impact on selling old property? - Property Hotline
Posted
June 30, 2016
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216
June 30, 2016
216
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2:14Now PlayingBe Un Confused
Expert: Vinay Singh, Tax & Legal Expert
Question: I inherited a property in 2008. The same went in for redevelopment in April 2012 and I received possession in 2014. If I sell this property, what is the tax impact? How can I save tax on the same? Show I reinvest the gains in another property? If yes, within how many years should I reinvest?
Answer: Sale of development rights is not taxable technically but the Income Tax authorities may not agree with this view. If it’s a long-term capital asset then you are entitled to benefit. There is no point of taxation here as when you will sell this property your capital will be absorbed by the new property.
Do not sell this house for 3 years if you claim capital gains exemption. If you received cash also, you could invest in 54EC bonds within 6 months of receipt upto Rs. 50 lacs.
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