Query on ltcg on house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2015 I sold my residential flat in Mar 15 and bought a new one this month which should take care of the LTCG on sale of the old flat.

Now I have an offer from the neighbour(at the new flat) to exchange this flat for another flat he owns in the same building, for which he will pay my a sum of money.

If I go ahead and take his offer, how should such an exchange impact the LTCG claim. And how will this money that he will pay me for the exchange, be brought to tax.

Thanks

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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15 May 2015 Exchange is also recognized as 'transfer' for the purposes of capital gain and hence you should not do it right now since if the new flat purchased for capital gains benefit is transferred within 3 years of its purchase than the resultant gains will be short term and the earlier gains which were exempted will be taxable in the year of purchase.

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