What if I sell Property after claiming Cap Gain Exemption?

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  1. Hrishikesh Kulkarni

    Hrishikesh Kulkarni New Member

    Hello,

    I have sold my agricultural land before 1 year and to minimise the capital gain tax, I have purchased a flat for living purpose. Now, I no more living in the city in which flat is situated and want to sell the same. However, my CA advised me that if I will do so then I will have to pay capital gains tax on the sell amount. And I cannot sell the flat for 5 years. However, I am ready to purchase a different flat in different city where I am living now.
    Please guide.
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    If you sell this property - then the capital gains exemption claimed earlier will get reversed and you would have to pay tax on the same.

    The advice given by your CA is absolutely correct
     
  3. Yashveer Jain

    Yashveer Jain Member

    What further guidance you want? What your CA has advices is perfect. You should have probably invested in 54 EC Bonds.
     
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