FIRST POINT:- CONDITIONS FOR CLAIMING EXEMPTION U/S 54 IS SATISFIED.
I SOLD 2 PARCELS OF LAND AND BOUGHT A RESIDENTIAL FLAT.
I WANT TO CLAIM EXEMPTION U/S 54F BUT MY PROBLEM IS, I COMBINED BOTH NET SALE PROCEEDS TO INVEST IN A FLAT HENCE I COMBINED AND BOUGHT IT. FLAT PURCHASE AMOUNT IS LESSER THAN NET SALE PROCEEDS HENCE PROPORTIONATE CALCULATION COMES UNDER THE PICTURE, WHILE FILLING ITR-2 IN SECTION OF CG, DO I NEED TO COMBINE BOTH SALE PROCEEDS AND REPORT AS A ONE TXN? (AS ON THE SAME DAY TXN GOT EXECUTED BUT BUYERS ARE DIFFERENT) , IF WE REPORT BOTH AS A SEPARATE TAX THEN HOW TO SHOW FLAT VALUE IN BOTH SECTIONS? HALF-HALF? BUT AGAIN IF WE REPORT IT HALF-HALF THEN FROM MY SECOND SALE PROCEEDS, NET SALE CONSIDERATION IS LESSER THAN THAT OF HALF OF THE FLAT VALUE. HENCE MIS-CALCULATION WILL TAKE PLACE AS FROM FIRST SALE PROCEEDS I MIGHT GET LESSER EXEMPTION THAN THAT OF COMBINED ONE. IN THIS CASE WHAT NEEDS TO BE DONE?
REPLY AND THANKS
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