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Tax implications ?

As per IT Rules, a immovable asset when sold after 3 years of purchase qualifies for long term capital gains tax.

1. Generally the registration of property is done at the time of purchase by paying 15%-20% down payment. Will the data of registration be considered as the date of purchase or the date of possession?

2. In case the profits associated with sale of property is invested into another residential property, LTCG is exempted is that correct? If yes, kindly advise is there a cap of no of properties that will qualify for Repatriation or LTCG tax.

831 day(s) ago

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