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Can I avail capital gains exemption on second flat? - Property Hotline
Posted
January 19, 2017
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73
January 19, 2017
73
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3:25Now PlayingExpert: Samir Kanabar, EY LLP
Question: I sold a flat in 2014 and deposited the money in capital gains account. As per rules, I booked a flat within a year, the possession of which is expected in April 2017. If I cancel the booking and book another flat due for possession by March 2017, will I have to pay capital gains tax on flat sale in 2014? Also can I avail capital gains exemption on the second new flat?
Answer: The good thing in this case is the decision taken to park the funds and discharging obligations from the right bank account. You have 2 years to buy a ready property or 3 years to buy an under construction property. So as long as you are able to buy or construct in this time frame you will be exempted from capital gains.Cancellation of house not being an issue at all but violation of any conditions or unable of buying or constructing a house and failing to invest the entire value of capital gains within the short time frame, you will be taxed.
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