Re investment of long term capital gain
This query is : Resolved
31 December 2014
Respected Sir,
I have recently sold a flat in Dec.2014 after 5 years of purchase (Dec.2009). After indexation, I have LTCG of 7.5 lakhs.
I have booked an under construction flat in Oct. 2012 and paid almost 50% of agreement value, registration is pending. I have following queries:
1. As per Section 54, reinevstment period is 1 year prior or 2 years after the sale of flat, so in this case as I have booked 2 years prior, what should I do?
Does re investment period apply for new purchase in that period?
2. Can I use LTCG of 7.5L for payment of remaining 50% on new flat and claim deduction under Section 54?
3. Can I use LTCG of 7.5L for payment of stamp duty and registration of new booked flat and claim deduction under Section 54?
I have recently sold a flat in Dec.2014 after 5 years of purchase (Dec.2009). After indexation, I have LTCG of 7.5 lakhs.
I have booked an under construction flat in Oct. 2012 and paid almost 50% of agreement value, registration is pending. I have following queries:
1. As per Section 54, reinevstment period is 1 year prior or 2 years after the sale of flat, so in this case as I have booked 2 years prior, what should I do?
Does re investment period apply for new purchase in that period?
2. Can I use LTCG of 7.5L for payment of remaining 50% on new flat and claim deduction under Section 54?
3. Can I use LTCG of 7.5L for payment of stamp duty and registration of new booked flat and claim deduction under Section 54?
31 December 2014
You have booked the flat earlier than 1 year hence you can not claim exemption u/s 54 including for stamp duty and registration.
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