Sale of two properties

my friend has 3 flats , he wants to sell 2 out of 3 flats and buy 1 new and so end of the deal he will have 2 flats.

how capital gain methodology will work
Asked 1 year ago in Capital Gains Tax from Pune, Maharashtra
He will have to pay tax on capital gains on sale of 2 flats. 
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar
As per Income Tax Act you can purchase one flat by selling one flat. You cannot sell 2 flats and invest in one to have exemption of capital gain tax. For further queries and elaborate answer pl mail complete details at modani005@gmail.com 
Shyam Sunder Modani
CA, Hyderabad
953 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
You may invest in 2 residential  house properties, as new definition u/s 54 requires investment in one  house. If you invest in 1 house you will not fulfil the condition being investment in one house.
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
755 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
953 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
706 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
208 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
195 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
69 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
220 Answers
4.9 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0