LTCG - whether applicable

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A 70-year-old individual is seeking clarification on Long Term Capital Gains (LTCG) tax. They purchased a flat in 2000, sold it in 2016, and reinvested the proceeds into another flat in Bangalore in the same year. Now, they wish to sell the Bangalore property without buying another and want to know how the proceeds will be accounted for, especially as they anticipate no capital gain on this sale.

vijayakumar

vijayakumar (Querist)

12 April 2021 Sir-s

I purchased a flat in 2000. sold it in 2016 . With the LTGC I bought another flat.

Now I want to sell this in (2001), I do not want to buy any flat. How will the proceeds will be accounted?
Thanking you sir.

vijayakumar

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

12 April 2021 Query is not clear. How can you now sell the flat and show it as sold in 2001!! Do you want to sell during this FY?

vijayakumar

vijayakumar (Querist)

12 April 2021 Sorry sir . To be clear --- bought the flat in 2000 for 17 lac in chennai . Sold it in 2016. for 109. With this money , added 30 lac more bought a flat in bangalore in 2016 .for the respective year filed the returns also . Now i am 70 yrs . I want to sell this flat , do not want to buy any thing . I will be selling at the same price as i bought , i do not gain . Thisbis the situation . Thank u sir .Hope i am clear.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

12 April 2021 No tax liability if there is no capital gain now.

Message likes : 1 times

vijayakumar

vijayakumar (Querist)

13 April 2021 tHANK YOU VERY MUCH MADAM. gOD BLESS YOU.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

13 April 2021 thank you sir

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