LONG TERM CAPITAL GAIN EXEMPTION

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MOTI PUROHIT (Querist)
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12 September 2020 My query is If after the sale of the old flat (in the case of this let's take the date of sale 25/09/2020) new flat is purchased 15/08/2022 then while filing ITR for FY 2020-21, what is the cost of the new flat to be taken for exemption purpose?

Prakash Kochar

Prakash Kochar (Expert)
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13 September 2020 Sale consideration is to be deposited in Long Term Capital Gain account (Saving/Fix) before the due date u/s. 139(1) for AY 21-22. This amount is to be used for purchase or construction of new residential house observing conditions of sect 54F. Amount fdeposited in LTCG a/c. will be considered for calculating exemption.

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