Sir,
SOLD a 20 year old flat for sale consideration 48 Lakhs (Stamp Duty 61 Lakhs) on Sep 2020
which was acquired on May 1999 for 10.5 lakhs , Indexed cost of Acq 10.5 *301/100 = 32.5 lakhs , So LTCG is 61 - 32.5 = 28.5 lakhs.
I have purchase a another new flat 10 months earlier on Nov 2019 jointly with spouse for 1.48 crores with 50% share.
In ITR 2020-21 can I claim LTCG exemption for the sale of old flat in Sep2020 with the purchase of new flat joint with spouse for 148 lakhs in Nov 2019 . As This purchase was 10 months earlier I have purchased the new flat with my retirement benefit and Fixed deposits not from the actual money received after the sale of old flat.
I assume this is the case of purchase house before one year to claim LTCG exemption.
Thanks in advance
1 Answers
Hi,
Yes, based on the provided information, you can claim it as an exemption u/s 54.
You may kindly go through below article :
How to save Capital Gains Tax on Sale of Land / House Property?
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