Profit in Equity to buy Apartment on the same FY 2022-23

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This query is : Resolved

gk (Querist)

13 July 2023 Dear Experts,
🙏

In FY 2022-23 the profit earned throgh the share trading is mentioned below:

Intraday = 1.06 L
Short term = 13.51 L
Long term = 75.28 L

Total Realised Profit = 89.86 L
In thecsame FY 2022-23, I have bought an apartment with the details as below:

A1. The individual land share (2.68%)
cost = 1,75,000.00
A2. 1702 sq.ft Apartment
cost = 66,25,000.00

A. Total consideration A1+A2= 68 lakhs (cheque/online paid)
B. Registrn.cost including stamp duty and other service charges = 5,19 300.00 (cash)
C. GST 5% of 68L = 3,40,000.00
D. Association Deposit = 50,000.00

E. Total = A+B+C+D = 77,09,300.00
(including 68,000 Rs. Paid as TDS)

F. Interior/ furniture cost = approx 4 lakhs

Whether I could utilise the 89 lskhs profit amount of FY 22-23 against the Apartments total purchase cost and other interior furniture cost (done in FY 22-23 only) as approximately 81 lakhs, to have a net tax burden for the net amount 89 - 81 = 8 lakhs ?
Please advise.

with best regards
kvg
🙏

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 July 2023 You can get exemption of Rs. 76.59 lakhs u/s 54F depending upon the total sale proceeds of capital (under long term period), based on agreement value of the flat along with stamp duty plus registration charges. (i.e max upto Rs. 76.59L)
Liable to pay ax over intraday & short term capital gains.

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