Long term capital gain

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R R JHUNJHUNWALA

29 Points Posted on 07 May 2014

I Have two residential flat in mumbai one on rented and another i use for self living. My question is i have already sold rented house property in march 2014. and purchased a new residential property at rajasthan using capital gain amount. I also want to sele second house which i have use as a self occupied house. please suggest that this long term capital gain can i use to construct in purchased rajasthan house or i shall purchase new one. If i purchase new one than it is ppssible to claim thos LTCG because i have already one residential house. how i calculate indexed capital gain if i paid to builder as per their demand letter according to conatruction linked. please help Regards

Replies (3)

R R JHUNJHUNWALA

29 Points Posted on 07 May 2014

How many residential house purchase in this type of situation

Mihir

Wealth Manager

5358 Points Posted on 07 May 2014

One may purchase a new property within 2 years or construct a new property within 3 years from the date of selling the property to avail exemption u/s 54.

R R JHUNJHUNWALA

29 Points Posted on 07 May 2014

If i purchase two house from this LTCG in two different city then what is the tax exemption . If i purchase semi finished usable residential house after some time can i use the fund of LTCG of sell of second residential house to expand the new house which i purchase from the fund received from first house sold. Have i can claim LTCG in this situation. Have any limits in no of residential house for avail this benefits.