Confused about my LTCG for house sale

Tax planning 131 views 3 replies

I purchased my first flat on May 2015, my second flat on Mar 2021.

Planning to sell first one by  Oct 2022.

What's the tax implications and how to offset against the second flat purchase.

 

While i am clear on first sell and then purchase laws but not getting any satisfactory answer for sale after purchase of a new property.

 

Kindly assist with correct rules here.

Replies (3)
Sell in March 2022 to get benefit ..

Purchase of new house 1 year before the sale also covered for exemption
According to Section 54F you are eligible for tax benefit on purchase of new residential property on capital gain from sale of any long term asset.Accordingly, seller should purchase a residential house โ€“ either 1 year before date of sale/2 years after the date of sale-In case the seller is constructing a house โ€“time limit is 3years from date of sale.
Plan the sale to get maximum benefits


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