Topic: What are the exemptions available if I invest the gains from a sold property for buying another one?

I have sold a House property on 15th March, 2008 this property was purchased in 2006, at what rate the gains shall be taxed and what are the exemption available if I invest the gains in purchase of another property.

Exemption on sale of residential house is available if the house property sold is a long term asset, an asset is considered as long term if you hold it for three or more years. In your case, you had acquired the house 2006 and sold it in 2008 which is less then three years hence the property shall be considered as short term asset. The gain on sale of the house shall be added to your taxable income and shall be taxed at the slab rate applicable to you.

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