POSTED BY February 3, 2014 10:17 am ONE COMMENT
ONDear Sir,
I have purchased an under construction residential property in Jan 2010 for 50 lakhs (agreement signed same time). I intend to sell this property (possession not yet given) for 80 L and intend to use this amount to purchase another residential property within one year. Please advice whether the 30 Lakh profit earned from sale of first property is taxable under long term capital gains ?
Regards
Aravind Narayanam
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Dear Aravind, as the property is not under your possession, the gain ‘ll be STCG and you can not save your tax liability by investing in another residential property.
Thanks
Ashal