Sir,
I had purchased a ready constructed flat of 25 Lakhs in September 2017. which is now self occupied by me at present.
I have LTCG after indexation on sale of Debt mutual funds of around 1 lakh in November 2017
can i set off this gain against ready flat bought in september 2017.
also i am selling a plot of land next month and i am assuming LTCG after indexation to be around 5 Lakhs.
can i set off this gain against flat purchased in september 2017.
Thanks in advance
vijayk
2 Answers
Hi,
Kindly note that you have BOUGHT the Flat and not SOLD it, so no capital gains are involved in this transaction (Flat).
Suggested readings :
https://www.relakhs.com/set-off-carry-forward-capital-losses/
https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
https://www.relakhs.com/self-occupied-property-tax-hra-home-loan/
yes sir, i bought the flat.
the capital gain is from the sale of mutual funds and the land that i would be selling. can this gain be shown as reinvestment in the flat i bought earlier in the same financial year in sept2017 to save capital gain tax
Hi,
The concept of 'set-off' comes into picture when there are any Capital losses from sale of a capital asset.
So, I believe that you need to include taxes on MFs in your tax calculations.
Regarding the capital gains on Sale of Land can be used to claim tax exemptions on purchase of Flat u/s 54F.
Kindly go through this article :
https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
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yes sir, i bought the flat.
the capital gain is from the sale of mutual funds and the land that i would be selling. can this gain be shown as reinvestment in the flat i bought earlier in the same financial year in sept2017 to save capital gain tax