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Is capital gains tax applicable on reinvesting gains?- Property Hotline
Posted
August 11, 2016
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55
August 11, 2016
55
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1:14Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Co LLP.
Question: I sold a property in Feb 2015 for Rs34 lakhs. I had bought this property in 2007 for Rs12 lakhs. I reinvested the gains in an under-construction property in May 2015. I have not invested the money into any capital gains accounts. I paid the entire amount to the builder in 3-5 instalments in 2015. There was a gap of 6 months between selling and buying the new property. What is the capital gains tax applicable on this?
Answer: Since, you have invested the entire capital gain for purchase of under construction property, there will be is no taxable capital gain. However, this is under a presumption that the property sold is a residential property. If it is a commercial property, you will not get this benefit if you are the owner of more than one house at the time of investing in the under construction property.
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