How to calculate on Long Term Capital Gains on Property when 2 properties were sold

1. As such either option will be available for each property. Need to check any notification or clarification released in future from ITD.
2.  No limit.

I received another reply for my query which is contradicting to your reply.

In your scenario, the Long Term Capital Gains (LTCG) calculation for property sales depends on the tax options available: 20% with indexation or 12.5% without indexation, as per Budget 2024. You are not allowed to mix the calculation methods for different properties. If you sold two properties in the same financial year, both gains must be calculated using the same tax method—either with or without indexation.

Attached Screenshot.

It may be his/her opinion. What stated above is my opinion base on the following facts.

1. Department has not released any clarification or notification restricting the option of arriving the cost of acquisition for all the assetes sold or transfer in same year only based on one method.
2.  In general it is the practise to declare the tax liability which is favourable to assesses whenever more than one options are eligible; which all the courts have supported.

 Final test would be at the time of filing return!!!

Sir, 

I need a small clarification on the above issue. Can we avail exemption under section 54 for both the properties separately during the financial year or only one exemption applicable to any number of properties transferred during the year.

You can get exemption on both the properties sold in the same year....

PLEASE READ GAZZATE finance-no.2-act-2024  ON IT PORTAL Amendment of
section 112. 30. In section 112 of the Income-tax Act, in sub-section (1), for the
clauses (a), (b), (c), (d) and the first proviso, the following shall be substituted and shall
be deemed to have been substituted with effect from the 23rd day of July, 2024,
namely:—
“(a) in the case of an individual or a Hindu undivided family, being a
resident,—
(i) the amount of income-tax payable on the total income as
reduced by the amount of such long-term capital gains, had the total
income as so reduced been his total income; and
(ii) the amount of income-tax calculated on such long-term capital
gains,––
(A) at the rate of twenty per cent. for any transfer which takes
place before the 23rd day of July, 2024; and
(B) at the rate of twelve and one-half per cent. for any transfer
which takes place on or after the 23rd day of July, 2024:

IT IS UNDERSTOOD THAT WHERE 20% TAX MEANS INDEXSATION ALLOWED. 

Let the final amendment be declared::

On 7 August 2024, the Finance Minister, before moving the Bill for approval in the Lok Sabha, introduced amendments to provide relief from excess tax liability for resident individuals and Hindu Undivided Families (HUFs). This relief, however, does not extend to Limited Liability Partnerships (LLPs), companies, etc.

The proposal aims to restore the benefit of indexation when computing tax payable on long-term capital gains from the transfer of land or buildings or both acquired before 23 July 2024. According to the proposal, the tax payable by individual or HUF sellers would be the lower of the following

• (a) 12.5% of the capital gains without indexation; or
• (b) 20% of capital gains after considering indexation.

Notification awaited....

https://economictimes.indiatimes.com/wealth/real-estate/capital-gains-tax-calculation-changes-to-bring-big-relief-for-homeowners-12-5-ltcg-tax-or-20-tax-with-indexation-which-will-reduce-tax-outgo/articleshow/112344642.cms

This gazzete is dated 16th August 2024, this just say  date 23rd july before and after and tax rates, we have to wait till this 1961 act finally get amended for filling returns of 25-26

That was not clarified by your post earlier, as such it might creat confusion in the mind of queriest.

So, the clarification.

Under Section 54EC, can I claim exemption for both the LTCGs @ 50 lacs for each property.

No. you can get exemption upto Rs. 50 lakhs in aggregate.