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Tell me my capital gains if I sell a flat for Rs 1 cr and buy another at 80 lk? - Property Hotline
Posted
January 5, 2017
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January 5, 2017
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2:11Now PlayingPannkaj Ghadiali, Managing Partner, P C Ghadiali and Co LLP
Q:I bought a flat in February 2015. Sale agreement was done and stamp duty was paid at Rs 60 lakh. I got possession of the flat in May 2016. I want to sell this flat now at Rs 1 crore to a potential buyer and buy another resale flat at Rs 80 lakh. What will be the capital gains tax for me?
A: If you have not held the flat for 3 years, the profit that you have been getting would be termed as short-term capital gains. For short-term capital gains, there is no option for reinvestment.
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