Capital gains on plot sale
This query is : Resolved
26 July 2014
Dear Sir,
I have plot which I am planning to sell in next few month around 60 lakh. I have booked one flat of 75 lakh last month where I am going to get possession by next year end. Can I get income tax exemption on plot sale as I have bought flat recently ? or new property booking must happen only after old sale then only can claim tax benefits ?
Thanks in advance,
Bhaskar
I have plot which I am planning to sell in next few month around 60 lakh. I have booked one flat of 75 lakh last month where I am going to get possession by next year end. Can I get income tax exemption on plot sale as I have bought flat recently ? or new property booking must happen only after old sale then only can claim tax benefits ?
Thanks in advance,
Bhaskar
26 July 2014
Even if you have booked flat earlier than sale of old one you will get benefit of section 54.
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