Anoop Agarwal (Manager) 22 December 2020
Dear Members
Greetings!
I have query related to Capital Gain on sell of property.
Actually I have one house on my name brought by me and is self occupied. Also i have got two properties after death of my parents though these are on the name of my parents only. From one of inherited property i am receiving rent and showing it in ITR. I have to sell second property of my parents.
How i can utilize my Capital gains to save tax?
How much time i will get to reinvest the Capital gain?
Can i take another house or construct house to save Tax?
If i take new house and put new furniture, will new furniture is considered as reinvestment of capital gains and help me in saving tax ?
How many property i can take using the capital gain?
Buying a plot or two plots will help me in saving tax on capital gain?
My questions are too much but this will help me in planning for my future actions.
I thank you in advance and wish a safe and healthy new year to the forum members
bikram roul 22 December 2020
One can save capital gains tax by investing sale amount to purchase a house within 2 years from date of sale or construct a house within 3 years from date of sale.
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