I want to buy a resale property with the help of a home loan, now the seller wants to save the entire capital gain tax by buying another property but the new property the seller will buy is less than his selling price. Is there any way to save the entire capital tax gain
Asked on 9/26/16, 6:45 am
1 Answer from Attorneys
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
Hi,
As per the provisions of IT act 1961,the seller may invest the amount to the extent of capital gains only in a new property,so the capital gains shall derive from the total amount of his sale proceeds after some capital gains calculations with the given index numbers applicable accordingly,but not the total sale proceeds.
Answered on 9/26/16, 12:14 pm
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