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My client was sold his residencial flat before few days
they will not decide investment in another residential flat
what can he invest the money without any tax liability? Can
he open capital gain account and will he invest in resident
plot in future ? what will exact planning?
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Answer / neeraj gulati
There is provision in the Income Tax Act, to make the
capital gain tax free which arises from the sales of a
residential house by an Individual or hindu undivided
family. But the house that is sold should be hold for more
than 36 months by the real owner.They can purchase another
residential house before one year of sale of that house or
after two years if purchased and three years if
constructed. Thsy have to opened a capital gain account and
deposit capital gain there.
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Answer / for accontant
no, he will not invest in resident plot in futer.
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