POSTED BY August 23, 2012 1:56 pm ONE COMMENTON
If I buy a plot for Rs. 10 lakhs and sell it at Rs. 15 lakhs. But buy another plot for Rs. 15 lakhs.
Pl.let me know if I’d be required to pay any tax like income tax ,capital gains tax or any other tax on my profit (on 15lakh -10 lakh=5 lakhs).
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One reply on this article “capital gains tax or income tax on reinvesting in another property”
Dear Rishi, what ‘ll be your holding period for this 10L Rs. plot ‘ll decide the income tax liability on that 5L Rs. amount. Investing in another plot of 15L: Rs. ‘ll not save you any tax.