Yes, you can definitely purchase a property with a similar value.
According to Section 54, you can avoid long-term capital gains (LTCG) tax if you reinvest the total gains in buying a property. For that, you need to buy the new property one year before the sale or two years after the sale. Another important factor that you should consider is that you shouldn’t transfer the property within three years of the acquisition or else, you will have to pay LTCG tax.
In case you do not invest the entire capital gains, you will be charged a LTCG tax on the remaining amount.
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I have purchased a property in 2008 for Rs.30 Lakhs. Now how much property can I purchase today without paying income tax?
Francis
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5 Year
2020-10-24T11:24:34+00:00 2020-11-11T17:48:22+00:00Comment
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