LONG TERM CAPITAL GAIN EXEMPTION
This query is : Resolved
MOTI PUROHIT
(Querist)
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
(Expert)
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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