LTCG on Sale of Building
This query is : Resolved
23 March 2025
MY CLIENT (FARMER...HAVING AGRICULTURE LAND ) JOINT OWNER OF.............BLDG SINCE 1954
IF BLDG IS SOLD.............IN HIS SHARE GOT AMT
TO SAVE...LTCG
PARTLY INVEST IN........RESIDENTIAL FLAT (READY POSSEION)
& PARTLY AMT................USE FOR PURCHASE OF...........3 DIFFERENT.......AGRICULTURE LAND
IF BLDG IS SOLD.............IN HIS SHARE GOT AMT
TO SAVE...LTCG
PARTLY INVEST IN........RESIDENTIAL FLAT (READY POSSEION)
& PARTLY AMT................USE FOR PURCHASE OF...........3 DIFFERENT.......AGRICULTURE LAND
23 March 2025
Calculate LTCG of the building based on indexed value as of circle rate of 01.04.2001. If the amount is invested in the new residential flat, the tax liability will be nil. Investment in agricultural land will not qualify for exemption.
30 September 2025
Good luck....
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