CG Exemption if new property purchased before Sale

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  1. Hi,

    I have purchased a new residential property this month and would be selling my existing property in the next 6 months. Iwould like to know whether can I claim exemption from Capital tax towards the sale of my property in this case.

    The cost of the new property bought is more than the existing one. Please advise.

    Regards, Ram.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    If the new residential house is purchased 1 year before the sale of the old property - capital gains exemption is allowed to be claimed in this case.

    And as the value of the new residential house is more than the sale of the old property, therefore all your capital gains would be exempted from the levy of tax.
     
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