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LTCG exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2011 Hi,
I sold my first flat in MAY 2010 after holding it for 3 year 2 months. I made long term capital gain of 4 Lacs. I also bought my 2nd flat in June 2009. I had availed home loans against both of these properties. After selling my first flat, I have invested 4 Lacs into my second flat by doing prepayment for my home loan. So logically I have invested my all capital gain amount in the second property which falls within an year of my first property sale. Am I eligible for LTCG exemption?

Thanks,
BG
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
08 January 2011 In My opinion, you can claim exemption on Rs.4.00 Lac u/s 54 as payment of housing loan is not covered under investment in house property.
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