Long-term capital gains: Can you save taxes by buying multiple properties?
As per the tax laws individuals and HUF can claim exemption from tax on long-term capital gains on the sale of residential property if the indexed capital gains are invested for buying or constructing another residential house
I bought residential property A in 2012 and another B in 2013 for ₹62 Lakh and ₹75 lakh respectively. On Nov 2022 I gifted property A to my father and property B to my mother through a registered gift deed. Now I want to sell both properties and I wish to put my Indexed cost as FDs in the bank and invest the taxable capital gains in small flats to save taxes. The sale price of flat A is ₹1 crore and for flat B is ₹2 crore. Can I buy multiple properties and save taxes on long-term capital gains?