Tax on house sale.Capital gains or other sources?

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This discussion explores the tax implications of selling a property where the sale deed wasn't officially in your name, but you received capital gains and had TDS deducted. The core question is whether this qualifies as a long-term capital gain and if exemptions under Section 54 or 54F can be claimed, especially when purchasing a new property. The consensus suggests it might be treated as short-term capital gain, potentially impacting exemption eligibility.

Ashwini

Ashwini (Querist)
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27 February 2024 I have entered into agreement for purchase of flat on24.02.2020 and amounts are paid through bank loan.Flat is not registered in my name.
Occupancy / possession taken on 08.06.2022 .
I have sold the flat on Sept 2023.The sale deed shows my name under "Consenting witness"and not as VENDOR.
Buyer has deducted TDS in my name even though flat has not been registered in my name
I have capital gains of Rs.20 L on this transaction
I have entered into other agreement for purchase of flat on Oct 2023 and paid entire cost of flat.
Can it be treated as long term capital gain and can I claim exemption under section 54 / 54F