I registered for a house in April, 2006 for Rs.10 lac and took its possession in October, 2006. If I sell it now for Rs.20 lac what will be the capital gains tax? Is it necessary for me to pay the CGT even if I reinvest it to buy another house? If so, is there any alternative investment available?

K.Muthu Kumar

Hey,

What do you mean by lac? Say it in dollars! We are discussing US tax laws and it would be meaningful to have all the numbers in US dollars!!

Second, if you paid close attention, you would have seen many references to US tax laws only!!!!!

Dear Muthu,

This is a US based Tax site, we deal with USA tax laws only.

Thanks.