Question ID :
40700
Capital Gain
A person inherited a property from his father in 2001 and sold in 2019-20. How will Capital gain be calculated. If he spends entire proceeds in undercostruction house in 2019-20 Whether he will not be required to pay capital gain .
Posted by
Mahesh Kumar
on
Jul 01, 2020
Filed Under
DIRECT TAXES
yes, he is not required to pay any capital gain provided the underconstruction of the house is completed within the three years.
Posted by
CA. SATISH CHAND GARG on
Jul 03, 2020
Answer ID :
80620
The Assessee is not required to pay Capital Gain Tax, provided the property on which construction is undertaken is held in the name of the Assessee and construction of House is completed within three years from the date of sale of inherited property.
Posted by
Rupakula Rajasekhar on
Jul 11, 2020