Long term capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2012 I have owned a flat for about 15 years (Property A). Next month I plan to buy a new house (Property B) and six months later, i plan to sell Property A. Given that I am buying Property B before selling Porperty A, can I still claim the long-term capital gains tax rebate?
Thanks

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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18 December 2012 The new property should be purchased one year before or two years after the date on which the transfer took place purchased. Accordingly, you can claim exemption from capital gain u/s 54.

CA Manish

CA Manish (Expert)
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18 December 2012 purchase of new house property before one year of sale is eligible for exemption.

Mohit Naithani

Mohit Naithani (Expert)
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18 December 2012 Yes, both properties are separate from each other...

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