The Capital Gains Blog

Posts Tagged ‘capital gains home sale exemption’

Question: What starts and ends the two year period before tax free capital gains on sale of home?

Answer: To exclude the gain from tax you must both own AND live in the home for two of the five years prior to the sale date. The closing date on the sale matters. The closing date when you bought it may or may not matter. The date or dates that you moved in and out of the house will also matter as the two years do not need to be a continuous period of time but may have breaks in between as long as they total a full two years in the five year period immediately prior to the sale.

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More private banks on the cards The Finance Minister has heralded the third phase of the opening up of the private sector banking space. Mr Pranab Mukherjee announced that the Reserve Bank of India is considering giving some additional banking licences to private …