Need guidance on capital gains account

Discussion in 'Tax planning' started by jamesh, Feb 10, 2014.

  1. jamesh

    jamesh Member

    We had a residential plot and sold it in July 2012 after holding it for more than 7 years - there was a capital gain of approximately 5 lakhs or so. We have registered a flat that is under construction in Oct 2012 and which will be delivered in March 2014; the flat costs roughly 1 Cr. We have starting making payments towards this flat based on milestones. This will be our primary flat. Question: Since I have invested in the flat right away (within the time period necessary for capital gains exemption), I assume I am not required to capital gains tax. Please confirm. Also, do I need to make the payment to this flat through a capital gains bank account or is it ok if I don't.

Share This Page