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Can we buy two properties simultaneously to avoid tax?- Property Hotline
Posted
November 24, 2016
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124
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November 24, 2016
124
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2:09Now PlayingExpert: Ashish Sodhani, Tax Expert.
Question: I have sold a residential property in the month of June. Can I purchase a flat and a piece of residential land i.e. two properties to avoid capital gains tax?
Answer: Capital gains tax can be avoided by purchasing residential property from the proceeds of sale of the long term capital asset. The tax act only provides for purchase of residential property as a means to become exempt from paying capital gains earned on sale of the property. No capital gains tax exemption on purchase of residential land.
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