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Do we need to pay capital gains tax on flats sold?- Property Hotline
Posted
October 6, 2016
Views
212
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October 6, 2016
212
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0.47%
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3:06
5:05Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I sold a house for Rs 45 lakhs in June 2013 and bought a house from my mother in an SRA building for Rs 46 lakhs in March 2015. Does she have to pay capital gains tax for the flat sold?
Answer: Yes the sale of your flat resulted in long term capital gains which is offset by the purchase of your mother's flat. Further, the sale of the flat by your mother resulted in capital gains - long term if she held it for at least 3 years else short term and tax is payable either ways. Further, it is not clear whether you have paid proper stamp duty on the purchase of this flat. Normally, rehab flats cannot be sold or transferred for ten years from date of allotment unless the Slum Rehab Authority has permitted such transfer.
Be Un Confused
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