I have a flat which is co-owned by my wife and currently we are living in the same house. Along with that house, we also have a constructed house which is solely owned by me and I have rented out that house. I am intending to sell that house, so is there a way by which I can claim Gain Tax if I reinvest to buy a second flat in my name?
Answered on November 08, 2017
If you reinvest the sale proceeds within one year from the date of sale of your property in another residential property, then no capital gains will be attracted on the amount received by you on the sale of your house.
