Clubbing long term capital gain from two properties

This query is : Resolved

Anurag Kumar (Querist)
Follow

21 November 2012 I have sold 2 flats in Pune (one within city limits and one outside city limits)where I have long term capital gain of 15 Lakh and 20 Lakh (total 35 lakh) from this sale. Now I have some questions.

1. Can I club the LTCG from the sale of these flat into buying a single new flat? I mean can I further invest Rs 35L into a new flat.

2. One flat which I sold was in Gram Panchayat, Is Long Term Captal Gain applicable on this too?

Please help

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

21 November 2012 1. Exemption u/s 54 is available from the TOTAL capital gain arising from transfer of residential house property.

Accordingly, the capital gain from both the flats shall be added and exemption will be available from the total capital gain.

2. Sale of flat in gram panchayat also attracts capital gain.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now