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What is the tax benefit on reinvesting capital gains?- Property Hotline
Posted
July 28, 2016
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51
July 28, 2016
51
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2:45Now PlayingWhat is the tax benefit on reinvesting capital gains?- Property Hotline
Expert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: I had an old property which was sold in April 2015. I received capital gains of Rs20 lakhs, which I reinvested in a property in Pune. The registration and stamp duty won't be done until July. I have paid Rs20 lakhs as the booking amount. The CC of the property will come in August and registration will be done once it comes through. What is the tax impact on this transaction?
Answer: As long as you have spent the Rs20 lakhs capital gains money towards the new acquisition latest by July 31, 2016, you don't have to open a capital gains account scheme and the actual possession can be by August 2016 which is within the limits mentioned in section 54.
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