Long term capital gain

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R R JHUNJHUNWALA (Querist)
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07 May 2014 I Have two residential flat in mumbai one on rented and another i use for self living. My question is i have already sold rented house property in march 2014. and purchased a new residential property at rajasthan using capital gain amount. I also want to sele second house which i have use as a self occupied house. please suggest that this long term capital gain can i use to construct in purchased rajasthan house or i shall purchase new one. If i purchase new one than it is ppssible to claim thos LTCG because i have already one residential house. how i calculate indexed capital gain if i paid to builder as per their demand letter according to conatruction linked. please help Regards

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 May 2014 1. under section 54 you have both the options either to construct in the house you purchased in Rajasthan or buy another one. there is no restriction. Indexation shall apply to each payment made to builder separately.

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