Dear Readers,
First of All, a very happy and prosperous new Year to all of you. I have a query regarding Capital Gain tax applied if I buy a property and then sell another property in same year.
For Example,
I bought a property in April 2013 Valued approx 75 Lacs ( Under construction property to be completed in 3 yrs time). And Now I am willing to Sell another property valued over 40 lacs. My Query is whether I have to pay Capital Gain Tax over 40 Lacs or this amount can be adjusted in my first property purchase (75 Lacs). My only concern is to not pay capital gain tax or any other tax related and invest the entire amount in other property.
Thanks in advance,
Sagar