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Exemption from LTCG in case of Flat bought in an under construction building after 1.5 years

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executive
23 Points Posted on 02 November 2019
Is exemption available if assessee sell a residential house and buy a flat in under construction building after 1.5 years of transfer of original house ?
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On 02 November 2019 at 21:19 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 02 November 2019

Yes, provided the funds were parked in Capital Gains Scheme account of any authorized bank during the period, and the relevant ITR was filed within due date.

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On 02 November 2019 at 21:21
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executive
23 Points Posted on 04 November 2019
Is there any difference in exemption in cons truction of house by assessee himself and buying a flat in under construction building which is about to finish in 3 years.
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On 04 November 2019 at 18:04
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SEO Sai Gr. Hosp.
211715 Points Posted on 04 November 2019

NO...

 

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On 04 November 2019 at 20:50
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17264 Points Posted on 05 November 2019
Exemption is available under section 54 provided you comply with all the conditions of section 54.

in so far as Exemption is concerned , no difference between the two. Same conditions either for self construction or flat booking in builder construction building.
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On 05 November 2019 at 00:22
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67 Points Posted on 11 September 2020

yes, exemption is very much available under Section 54 of Income Tax act

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On 11 September 2020 at 14:44


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