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Can we offset capital gains on property bought recently?- Property Hotline
Posted
September 29, 2016
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16
September 29, 2016
16
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1:54Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali & Company LLP.
Question: I bought a flat in April 2016. I have other properties and I want to sell one of them. Will I be exempted from capital gains after I sell this property? Can I offset the capital gains on the property that I bought recently?
Answer: In your case, you have already purchased the property, you will have to sell that existing property and that amount should be invested to buy another new property within one year. Doing this you can claim the tax benefit.
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