Ltcg exemption query

This query is : Resolved

Santosh (Querist)
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19 December 2013 Sir,
I bought a flat in 2000 @Rs.3Lac and sold it off in July2012 @Rs18lac. I deposited Rs. 15Lac in Capital Gain A/c in SBI in May2013. Now I'm planning to book an under construction Flat @Rs85lac and builder says the possession will be given in Jan2015. Can I book this flat and claim LTCG tax exemption. Further, If I buy this new Flat jointly with my wife, will I still be able to claim LTCG tax exemption.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 December 2013 1. yes you can. it should be considered as a construction. so as long as u get possession before July 2015, it should be fine.

2. yes you can buy it jointly with your wife.

Santosh

Santosh (Querist)
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20 December 2013 Thank you very much Sir.

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