we brothers jointly purchased a residencial flat In DEC.2022 in which i paid my share amount Rs 606000.after that we brothers sold our ancestral property in Feb 2023 (which was purchased in 1955) and i received my share Rs132500 which is lesser than share of flat purchase value.
pls guide me whether long term capital gain liability will APPLY or NOT.Purchases was made before sale in same FY 2022-23
thanking you
i
There would be long term capital gain over sell of your ancestral property share, but it would be exempted under sec. 54 of IT act, as investment in new HP.
In short, there would not be any long-term capital gains TAX liability.
as another housing property was purchase d in same financial year.first purchased there after ancestral property sold.then what is tax implications.
i wish to know whether section 54 of IT act will apply or not
Why you attempt to confuse more?
Question is for Sec. 54 applicability, while answer is all together...
CAclubindia
