Ltcg problem

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Palash Ghosh (Querist)

18 July 2016 Dear Experts,

I have faced a problem on LTCG, kindly provide a solution of the below problem:

Property 1:
Purchased in the year 1983 of Rs. 69,800.00
Renovation expenses 1985 of Rs. 80,000.00
Renovation expenses 1994 of Rs.1,30,000.00
Indexed value of property 23,99,079.00

Sold in the year 2015 at Rs.24,99,000.00

Property 2:
Initial down payment in 2012 Rs.19,91,000.00
final payment after sale of "Property 1" Rs.7,77,300.00
Registry and Sale Deed 19/02/2016 at Rs.27,68,300.00 + Reg Exp 1,82,000.00

Kindly inform me whether he will be able to claim exemption U/s 54 and how much.

Amol S Joglekar

Amol S Joglekar (Expert)

18 July 2016 exemption u/s 54 can be claimed......(He needs to claim only the difference between 24,99,000 and 23,99,079)

Palash Ghosh

Palash Ghosh (Querist)

18 July 2016 Dear Mr. Joglekar,

Thank you for your reply. But he has started the payment for the new property in the year 2012, so it is not within 3 years or purchased 1 year before or 2 years after the date of transfer.

How should I calculate then?
And against what amount it should be considered Rs.27,68,300.00+1,82,000.00 or Rs.7,77,300.00+1,82,000.00?

Amol S Joglekar

Amol S Joglekar (Expert)

19 July 2016 7,77,300 +1,82,000.
booking was done in 2012. But property was purchased within that ALLOWED time frame of 3 years.

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