Need A Financial Product Forums Real estate Want to sell 2 small flats for one big flat

This topic contains 1 reply, has 2 voices, and was last updated by  Mukul Mishra 2 years, 3 months ago.

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  • #47061

    Mukul Mishra
    Member

    I have two small flats that I wish to sell and use sale proceeds to purchase a big flat. The flat I wish to purchase is available in re-sale. What is the impact of this sale on capital gains tax under section 54 of the IT act? Will the tax benefits be impacted due to old property?

    #47062

    Abhimanyu
    Member

    Sale proceeds from 2 flats can definitely be adjusted in a single purchase and it will have the same impact adjustment from sale proceed of single property would have. In section 54there is no concept of new flat or old flat while purchasing.

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