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What will be long-term capital gains on first property sale? - Property Hotline
Posted
December 29, 2016
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77
December 29, 2016
77
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3:00Now PlayingExpert: Ashish Sodhani, Tax Expert
Question: I have two residential properties in Bengaluru. The first has three residential units and I’m occupying the second one. I plan to sell the first property and invest part of the proceeds to rebuild on the second property for four residential flats. What will be the long-term capital gains implication on the first sale?
Answer: Considering that you have held the first property for over 3 years, hence you are liable for a capital gains tax. On the sale, whatever capital gains you have incurred can be utilised completely to rebuild your second property, which you have considered as your residential property.
You can invest in the second project that you have been planning and can get a complete exemption on the capital gains that you have made on the first property, provided you are utilising the money to invest in one property.
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