Clarification on saving LTCG on sale of property by purchasing new property one year before

Q & A ForumCategory: Real EstateClarification on saving LTCG on sale of property by purchasing new property one year before
vijaykumar asked 3 years ago
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
Sreekanth Staff answered 3 years ago
Hi, Yes, based on the provided information, you can claim it as an exemption u/s 54. Capital Gains tax exemptions sec 54 54ec 54f on sale of land or residential property LTCG 2 years pics You may kindly go through below article :

How to save Capital Gains Tax on Sale of Land / House Property?

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