How is capital gains calculated?- Property Hotline
December 22, 2016
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2:08Now PlayingHow is capital gains calculated?- Property Hotline
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as posted by the channelExpert: Suresh Surana, Founder, RSM Astute Consulting.
Question: I'm selling my residential property. The payment received will be invested in an UC(under construction) building. The building is sold, capital gains will be long term, but the property investment is UC. Possession is due in Sept 2019. Whether my 3 year period of capital gains will be calculated from now or from day I get possession. I'm investing 100% right now.
Answer: As per Section 54, new property should be purchased within 3 years from date of sale. 100% investment in UC is not sufficient to claim benefit. Construction should be completed within 3 years under section 54. No need to deposit amount in capital gains account scheme.
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