Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2014 can excess exemption of current year be availed in the next years relating to a single property?

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 well yes, provided that the sale in next year is made within 1 year of purchase of the property.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2014 here the case is a bunglow is demolished to construct new flats and in consideraion to builder some of the flats are given and some are retained by the assessee.the 1st flat was sold in 2011 and for exemption another flat is being considered which exceeds the capital gain. So in this case while selling anoyher flat in FY 13-14 can the excess exemption be taken?

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 when was the exemption flat was bought???

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2014 the flat was got from the new construction itself in 2011

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 then no friend...if you are selling a flat in 2014, you could have got exemption from a past purchase only the said purchase was done last one year..

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