My 3 brothers and I own a ancestral property which we are planning to sell... Out of which i will receive around 30lakhs...now i have purchased a piece of land registered to my name about 20 yrs back... And recently have purchased a flat for which I have not yet completed the registration..
Q1.... Now for the 30 lakhs that I am expected to receive will i have to pay 10% LTCG or can that be adjusted if i build a house with that amount in the piece of land that I have bought... Since someone told me to claim 10% LTCG you cannot have more than one house... But it's just land and the flat is not yet registered
Q2.... Can i use that money to register the flat that I have purchased and claim relaxation in 80C while filing ITR....
The 50% transaction of ancestral property is to be expected in this financial year, the remaining in the next...
Thanx in adv
CAclubindia
