I purchased a flat in Mumbai in 1987 for Rs. 7.7 lakhs. In 2015,the buildingwent for redevelopment. The construcion is not yet completed and pocession is expected in Dec. 2020. I intend to sell off this flat before pocession. Sale piice will be approx. Rs. 4 Cr. Will this attract LTCG Tax? If i purchase another flat for Rs.2Cr, will the balance attract LTCG Tax? How is it calculated.
CAclubindia
