Exemption window for LTCG on property sale while buying under construction apartment

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Soumya Das (Querist)
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03 October 2023 I have sold a residential property in April 2023. I have recently booked a flat in an under construction residential apartment project and signed the "Agreement for Sale" where the possession date is mentioned as December 2024. I have already used the funds from the capital gains to pay the builder while booking the flat.

I am assuming there might be some delay in handing over the flat but I am still hoping that I will get the possession by March 2025 so I can do the registration before April 2025 to claim the LTCG exemption under Section 54.

I want to clarify if the LTCG exemption window is for 3 years after the property sale (i.e. till Apr 2026) since the new property is under construction or it will be 2 years (i.e. till Apr 2025) since I am not constructing the house myself, rather buying an under construction flat from the builder.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 October 2023 The LTCG exemption window is for 3 years after the property sale (i.e. till Apr 2026) since the new property is under construction.

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