Buying and selling house in overlap periov

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Chandra (Querist)
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12 February 2015 Dear experts,
I have bought a house in 2006, selling it now Long term capital gain is 60L

I booked a apartment in Oct 2012,cost 110L which builder has promised to give by Oct 2016. I have paid 50L till date. balance 60L to be paid as per construction linked plan. Can I invest 60L capital gain here.

Bit doubt on section 54. It says you can buy before one year, or 2 year after sale of existing, or within 3 years you need to construct.

Since I booked in Oct 2012, but construction will finish in Oct 2016 only. can I take adjust LTCG of current house
regards
Chandra

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 1. yes Rs 60l on sale of house can be utilised in this apartment for saving tax.

2.you fall in 3 year if ur constructing

Chandra

Chandra (Querist)
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14 February 2015 Thx Tusar
Can you pl. let me know. If from long term capital gain money is 60 L.
50 L given for builder+ registration for new house
6L spent on wood work
Is this 6 L can be spend from LTCG money

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