Capital Gains Query

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  1. puneet roy

    puneet roy New Member

    have sold residential house in may 2014 and have invested my capital gain in a new upcoming residential apartment in june 2014 .
    i would like to know
    1. can i sell this apartment and buy another one within the first year .
    2. do i have to pay any tax if i sell this apartment even if i have not made any gain .
    3. can i buy another residential apartment within the time frame of 2 years of sale of my first apartment after selling this one if allowed to w/o paying any tax .

    kindly let me know . thank you
  2. rudrabose

    rudrabose Active Member

    1. For 2014-15, the income tax return has not been filed yet. So you can tell them that you arent claiming exemption against this property but would be claiming against some other property.

    However, if you claim exemption against this property - you will have to hold it for min 3 years or else capital gains tax would be applicable.

    2. If you have claimed exemption against this property - you will have to pay tax. If you have not claimed exemption - you wont be required to pay tax.

    3. Yes, you can do it provided you have not claimed exemption against this property.
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