We have purchased a flat in Mumbai about 20 years back and it has been given for rent for various reasons. About 10 years back we purchased a flat in Hyderabad near our office and we are residing there. As my husband is retired now we want to go to a more peaceful area and so booked a flat. The construction is expected to complete in the second half of 2026. We want to sell the Mumbai flat and expect a good LTCG. When should we sell to save tax on this LTCG ?
Suguna
bsuguna71 @ yahoo.com
As per IT act, any residential property purchased before one year of sale and 2 years after the sale will be considered as eligible investment for exemption.
Suppose, you are selling mumbai house on 01/04/2025. Any residential property purchased between 01/04/2024 to 31/03/2027 are eligible for exemption.
Thanks for the clarification.
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