I have a flat in Gurgaon. Iwant to sell it and buy another in Pune. Please advise what are the tax rules.?
Answer:
If you sell your flat at a profit, you will be liable to pay Capital Gains Tax, around 25% of the differance between what you sold it for & what you bought it for.
You can avoid paying this tax legally if you purchase residential property of the same amount, within a span of two years.
Another way of avoiding the tax is to invest in bonds under the capital gains scheme for three years. Interest on these bonds is low.
Check with a chartered accountant / tax advisor.
Dude ,
If u sell one property N buy another the same or more worth U need not pay any tax . But if u dont buy any then U cannot skip UR tax guy who is just looking for this .
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