POSTED BY April 10, 2014 11:47 am COMMENTS (11)ON
We want to sell 2 smaller flats and purchase a bigger flat. The flat we wish to purchase is second hand. I wish to know
1) Can the proceeds of sale of 2 flats be invested into a single purchase as mentioned above. what is the implication on Capital Gains Tax. sec 54 of IT act.
2) Does the Sec 54 allow investment of the gains only on a new construction or can we purchase a second hand flat also.