i bought a flat for 47 lakhs in 2009 and sold it for 73 Lakhs in 2023, i plan to invest the entire sales proceeds in buying a new property, will i be liable to pay Capital gain tax? how should i park the funds till the time i identify a new property?
Ans: Hello, no CG tax will be applicable in this case. You can keep the money in your account till Financial year end, if you still can't finalize a house till that time then you should park that money in CG account in the bank. The duration of buying a new property has certain time limits, go through the rules to avoid any tax liabilities